good afternoon.......the only issue you are facing is making the debt ratio work....you look like strong borrowers....keep in mind, a mortgage is the cheapest debt you can have now, plus the ability to deduct the interest and property taxes on your federal taxes......you may want to look at paying off or paying down the car..the cost per thousand is considerably higher on it......mortgaging a bit more in order to steer your money in a direction that has a greater impact on yor cashflow isn't a bad thing.......best of luck on your deal......bob mcclure- success mortgage partners- plymouth, michigan....

I think it is a good idea to go ahead and get pre approved first, then go with what works within your budget.

Lilah ,
It does not sound like you will have any problems . I would tell you to find
yourself a mortgage professional to thoroughly analyze your needs . This is not
a black and white question and answer , it goes to your comfort level also . Try and
put a payment in mind that YOU will be comfortable in spending EVERY month . If the mortgage
payment is way above this , even though you will be told you can afford it , stick to what feels
comfortable to you .
If you plan to stay in the area of Lynbrook or the surrounding towns give me a call and
I will help you find something

Terence Cavill
516-205-3224

Lilah,

After your 40k down payment, will you have money to pay your closing costs?

Good Evening,

I'd like to provide you with the names and cell phone numbers of 2 mortgage brokers that I consider to be the best in the field. Either one of them will be able to answer all of your mortgage questions.

Robin Silverberg: 516-972-1687

Barry Hare: 917-374-6737

If you have any other real estate questions, please don't hesitate to contact me directly by phone at (516)410-3594 or by email at Arlynn@ArlynnPalmer.com.

In the meantime, please visit my website at http://www.ArlynnPalmer.com where you will find FREE Buyer Reports, FREE School and Neighborhood Reports, my Monthly Newsletter and other valuable real estate information.

Regards,
Arlynn

Arlynn B. Palmer, ESQ, CBR, SRES, CMS, CNS

I believe the answer to you question is no. You should speak to a mortgage lender and get yourself pre-qualified and know what you buying power is. An FHA loan which is very popular right now only requires you to put 3.5% down. Any loan whether conventional or FHA will require mortgage insurance if you put less than 20% down. which will be your situation. I believe the only thing which may be affected by a lower credit score is the rate you'll pay on your mortage. But rates, although up from a week ago, are still low. If you have any more questions or would like the names of some mortgage lenders who will pre-qualify you. please feel free to contact me.

Joan Hesse
Licensed Real Estate Agent
Century21 AA
516-242-8134

The best person to ask your questions to, and the only one who can tell you what you are qualified for mortgage-wise is a loan officer.

With your credit scores there is no reason to go the mortgage broker route. Go to the loan officer at the bank you use.

You will also need this pre-approval to make an offer on any home.

That is your best first step.

If I can help you at all, please let me know.

Thanks

Donna Galinsky
Pugatch Realty
516-317-9253

If you haven't already, do yourself a favor and visit any qualified loan officer, and I can recommend a few very good ones should you need; figure out what your total budget can handle and take it from there. You really should do 20% down or if you need to do less look at an FHA loan--Are you looking to buy a house, condo or co-op?

Anna
917-576-5376
abrocco@laffey.com