Home Buying in 75205>Question Details

Dallas Mom, Home Buyer in 75205

My husband and I have about $54,000 in revoving debt or $1800 in monthly debt payments. Our gross monthly income is $11,000. Can I qualify for a?

Asked by Dallas Mom, 75205 Wed Apr 7, 2010

$400000 mortgage with 5% down. My credit score is 730 and his is 701.

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Answers

6
There are some other things we would need to discuss, like other payments, like car payments.

If you want to initially talk to an experience agent, contaact me and we can discuss it. The next step woould br to talk to a good loan officer.

Suaie
0 votes Thank Flag Link Fri Feb 4, 2011
hi..it would probably work...but i have no budget for taxes and insurance other than a ballpark...also...no interest rate and amortization.....or if you have reserve monies or not.....and if so...how much?...really need more info...specifically, what are the monthly debts for?..and waht constitutes the monthly income...gross?.i would go ahead and pre-approve...best regards...bob mcclure- first preferred mortgage- southfield, michigan....
0 votes Thank Flag Link Thu Apr 8, 2010
Depends on your ratios and several other things. Best place to start is talking with a great lender. I can refer if you need. Also, for the $54,000 in revloving debt...the best thing you could ever do for yourself is get out from under that debt. Check out http://www.daveramsey.com. It works and you never have to worry about being in debt again! Paying over 10% of your monthly income in revolving is highway robbery!
Best of luck
Helen
214-534-2020
0 votes Thank Flag Link Thu Apr 8, 2010
I would imagine you would probably qualify for a loan, however you would need to talk to a loan specialist to find out. I would be happy to refer you to a few that can find out very quickly for you where you stand. If you are not working with a Realtor yet I would be happy to discuss with you what you are looking for and helping you find your new home. I offer 100% full time Realtor services and as an added bonus I rebate 20% of my commission to all my buyers. Please dont hesitate to call me at anytime to ask questions.

Thanks
RJ
214-682-0598
0 votes Thank Flag Link Wed Apr 7, 2010
Contact me at beckyc@coldwellbanker.com and I can give you a lender who will get this answer for you very quickly. If you qualify, she can probably let you know in the same day or at the latest, the following day. Your scores sound good, but debt ratio might be an issue...depends though, so contact me and I'll give you the info.

Thanks!


Becky
0 votes Thank Flag Link Wed Apr 7, 2010
You can ask any lender in your area (without any obligation) and they will be able to let you know if you qualify for a loan. There are alot of things that go into qualifying for a loan in this current market.
0 votes Thank Flag Link Wed Apr 7, 2010
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