Home Buying in Albany>Question Details

Tedgeline, Home Buyer in Albany, CA

Savings $30k and good credit rating. Am I able to get a pre-approval for $350k? I prefer not to have the FHA loans. Annual income about $140k gross.

Asked by Tedgeline, Albany, CA Wed Aug 29, 2012

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I can go over all loan program options with you, conventional, FHA and rates and terms. Do you know what your middle fico score is? Rates have hits per fico score? I also need to know your total monthly debts are to give you an amount you qualify for? I only need to ask a few dozen questions to pre-qualify you and give you options to choose from. I can give you a good faith estimate in writing to compare.

http://www.Under640FicoScoreLoans.com

http://www.FrankandSheryl.com

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Tue Oct 23, 2012
Tedgeline,

I recommend you connect with a mortgage loan officer and go over FHA financing as well as a 5% down conventional - side by side, you'll be able to see the difference and which one fits your needs better.

Why do you prefer not to go FHA?

Felix
0 votes Thank Flag Link Wed Aug 29, 2012
Thank you for all your replies. It is really informative. I will get in touch!
0 votes Thank Flag Link Wed Aug 29, 2012
I think you should be OK for a non FHA loan at $350,000. 5% down is a excellent alternative to FHA.
0 votes Thank Flag Link Wed Aug 29, 2012
Do you have a lender you can talk to directly? If not, I'll be happy to recommend at least three.

Your questions raise other questions....

What type of property are you buying -- single family, or multi-family?
Will this be owner-occupied, or an investment?
Do you have other liquid assets besides your savings?
How much do you owe (credit cards, other loans)
How long have you been employed

Generally, closing costs could run up to 3% of purchase price --- so if $30K is all you have, that will be for your down payment AND closing costs

Talk to a local lender to get your situation analyzed. Asking this question here will beget more questions. Good luck
0 votes Thank Flag Link Wed Aug 29, 2012
Tedgeline, FHA loan maximums are around $271,000. Non-FHA loan programs vary, but count on 10% down as a general rule.

Your preapproval question has to be subdivided. Do you want to buy a house costing $350,000 or do you want a loan for $350,000?

You would be well served to find a top-notch loan broker who can give your precise answers and bring comprehensive knowledge of all the programs available in your area. Interviewing more than one loan broker can be a good idea, because different brokers have different sources of loan programs.
0 votes Thank Flag Link Wed Aug 29, 2012
Not knowing your outstanding, debt, so I am going to assume zero.
You would be able to obtain financing for well over $350k on a non FHA loan.
We could use a minimum 5% down loan with mortgage insurance.
You could either utilize lender paid mortgage insurance (tax deductible) or regular mortgage insurance.

I would be happy to get you preapproved! cg
0 votes Thank Flag Link Wed Aug 29, 2012
The only problem I can foresee is that you may not have enough for your down payment. You should go ahead and call up a mortgage broker to find out. I would be happy to provide you some recommendations if needed.
0 votes Thank Flag Link Wed Aug 29, 2012
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