Home Buying in 10459>Question Details

tandelph, Home Buyer in Queens, NY

Is conventional best for my husband and I.?

Asked by tandelph, Queens, NY Wed Jun 13, 2012

We are planning on paying 5% down payment on a home. Our credit score is in the 700s and together we make 90,000 a year. We have car loan and I have student loan debt. My husband is on his parents morgage (to assist them due to financial reasons) so he is not considered a first time home buyer. Will we be qualified for conventional.

Help the community by answering this question:


We can’t tell because you need to look at everything, not just a couple of pieces. FHA is not limited to first time home buyers, by-the-way. Have your realtor introduce you to the local loan officer they trust the most and have them look at your entire picture, only then can you choose the path that is best for you. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
2 votes Thank Flag Link Thu Jun 14, 2012
Good morning tandelph,

I'd love to sit down and chat with you and your husband to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
1 vote Thank Flag Link Fri Jun 15, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer do visit with any licensed loan officer.
1 vote Thank Flag Link Thu Jun 14, 2012
Hi Tandelph,

The best way to find out if a conventional loan is the way to go for you and your husband is to speak with a mortgage person.

As a realtor I know many mortgage people and would be glad to recommend you to one that
I know you would be very satisfied with as per many customers I have has advised me. His name is Mark Fisher and his phone number is 347-242-1206 he is definitely a great mortgage person to assist you with all of your mortgage questions and if you need any real estate assistance please do not hesitate to contact me.

Coffy Bailey
Exit Realty Power
1 vote Thank Flag Link Wed Jun 13, 2012

It sounds like you guys might have credentials for a conventional mortgage but the best way to find out is to get pre-approved. You might not know it but you might be fully qualified to currently acquire a home loan.
0 votes Thank Flag Link Wed Sep 12, 2012
Hi Tandelph,

You should have a good local lender (and I stress local because Internet lenders have proven unreliable in my practice) review your full financial picture and recommend the right course of action. In addition to financial information they will want to know how long you plan on keeping the home.
0 votes Thank Flag Link Sat Aug 25, 2012
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