Evelyn R. Be…, Home Buyer in Chicago, IL

What credit score does one need and what type of income for let's say $150,000 condo?

Asked by Evelyn R. Bermudez, Chicago, IL Thu Jul 23, 2009

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Income approx. $50K per year, credit score 620, 3.5% + as a down payment, escrow taxes and insurance, closing costs, inspection and appraisal fees.

Owning any type of real estate property you receive annual tax benefits

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0 votes Thank Flag Link Thu Jul 23, 2009
My experience is that you need $50,000 income to support mortgage payment, maybe a bit less if you have no debt. I hope this helps.
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Thu Jul 23, 2009
There are too many variables involved besides credit score & income & answer here. You need to speak with a couple of lenders. My web site has some references. I also have other names if you like.
One of the many difficulties in this market is 'getting a loan'. Even with income and a decent credit score, you usualy need a decent down payment and many other things. Based on your total package, the condo you look for might also need to meet certain requirements like taxes/assessment/% of owner occupancy/FHA and other things.
Let me know if you would like some help.

philip
0 votes Thank Flag Link Thu Jul 23, 2009
HELLO,
FHA REQUIRES A CREDIT SCORE OF MINIMUM OF 620 AND A DOWN PAYMENT OF 3.5% OF THE PURCHASE PRICE BUT YOU CAN ASK THE SELLER TO PAY CLOSING COSTS OF UP TO 6%. I HAVE A FEW LENDERS I WORK WITH, SO IF YOU WOULD LIKE YOU CAN CONTACT ME AND I WILL BE HAPPY TO GIVE YOU THEIR NAMES AND NUMBERS AND THEY WILL BE ABLE TO LET YOU KNOW WHAT YOU WILL QUALIFY FOR.
MY EMAIL ADDRESS IS nlathus@yahoo.com AND I CAN BE REACHED AT 708-646-6533 WITH ANY OTHER QUESTIONS YOU NEED ANSWERED.

HAVE A WONDERFUL EVENING,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
708-646-6533
0 votes Thank Flag Link Thu Jul 23, 2009
Are you a first time home buyer? If so, Did you check Freddie Mac and Fannie Mae's web site? There are tons of incentives that can help you. Let me know if you need any thing else.

Sincerely,
Maria Clark
Infinity Realty Group
immariaclark@yahoo.com
mariasellsrealty.com
0 votes Thank Flag Link Thu Jul 23, 2009
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