Home Buying in Omaha>Question Details

alez, Other/Just Looking in Omaha, NE

Would I qualify for a $200,000 loan on 64,000 salary? I'm a first time home buyer when should I start preparing to look for a home.

Asked by alez, Omaha, NE Wed Dec 5, 2012

We want to get a house in the 180,000 - 200,000
We have accounts in collections from 2007 that we refuse to pay.
we have no car payments, student loans, or credit card payments.
we have about 20,000 in savings.

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Johnathan O'Gorman’s answer
BEST ANSWER
Alez,
There are always closing costs associated with purchasing a home. You can generally get the seller of a home to pay some if not all of those costs. The appraisal is part of your general closings costs along with lender fees, taxes, insurance, title company fees, etc. These fees are based on purchase price and unique to each individual property because of taxes.

I would talk to a lender as soon as possible. Although they will need to run your credit now they will be able to give you a better understanding of what your current financial situation looks like right now. If for whatever reason you do not qualify now a good lender will tell you what you need to do in order to qualify next year when you are ready to buy. A pre qualification letter can last anywhere from 30 days to 90 days depending on the lender.

Just remember that your knowledge of the market will be critical in the process, so keep your eye on the market. Again if you have any other questions feel free to contact me.
0 votes Thank Flag Link Thu Dec 6, 2012
Alez,

I think I can help you make that purchase. The ratios seem to work. Would need to see the credit scores and what the collection is for to be absolutely certain. Feel free to give me a call to disucss your situation in Private at 402-203-3883. I have many lenders and feel confident I can find you a fit. Some banks, some individual parties that loan to parties that cannot obtain traditional financing.
1 vote Thank Flag Link Wed Dec 5, 2012
When purchasing a home your loan qualification is all about your debt to income ratio, credit score, and available funds.

Have you looked into different loan programs such as FHA, VA, or Conventional? Each program has its own qualifications.

It sounds like you have a generous down payment, but don't forget about closing costs. Depending on taxes and lender fees (these fees are very important, make sure to shop around!) you could be looking at anywhere from $4,000 to $8,000. A great agent or a lender can figure closing costs for each and every home you look at.

Also when talking about collections all types of unsecured debt has to be paid in full prior to closing on your home. Any unpaid collections will most likely attach themselves to the property in the form of a lien. The lender will not take the risk of the collections becoming liens and effecting the title of the home.

To be honest with you a lender is the absolute best person to talk to about qualification. As long as you go to the right person you will have all of your questions answered quickly along with getting officially pre-qualified. I can provide you with a few great loan officers, or you can talk to the bank that you trust on a day to day basis with your checking account and various other accounts. Who ever you decide make sure to choose a local lender because of the way Douglas and Sarpy County handle taxes.

You should start looking when you feel comfortable you are ready to buy. Test the waters now, and get a feel for the market. Understanding the market is so important in the home buying process. I would be more than happy to walk you through the many steps involved in buying a home, along with providing you with listings in your ideal area. Please feel free to contact me at johnathan.ogorman@cbshome.com or 402-595-8857.
1 vote Thank Flag Link Wed Dec 5, 2012
Hello Every One,
My Name Is Mrs clara williams,, I Live In Texas Usa And Life Is Worth Living Comfortably For Me And My Family Now And I Really Have Never Seen Goodness Shown To Me This Much In My Life As I Am A Struggling Mum With Four kids And I Have Been Going Through A Serious Problem As My Husband Encountered A Terrible Accident , And The Doctors States That He Needs To Undergo A Delicate Surgery For Him To Be Able To Walk Again And I Could Not Afford The Bills For His Surgery Then I Went To The Bank For A Loan And They Turn Me Down Stating That I Have No Credit Card, From There I Run To My Father And He Was Not Able To Help, Then When I Was Browsing Through Google Answers And I Came Across A Loan Lender Called Mr. Peterson Clark, Who Provides Loans At An Affordable Interest Rate And I Have Been Hearing About So Many Scams On The Internet But At This My Desperate Situation, I Had No Choice Than To Give It An Attempt And Surprisingly It Was All Like A Dream, I Received A Loan Of $50,000 usd And I paid For My Husband Surgery And Thank God Today He Is Okay And Can Walk And Is Working And The Burden Is Longer So Much On Me Any More And We Can Feed Well And My Family Is Happy Today And I Said To My Self That I Will Shout Aloud To The World Of The Wonders Of God To Me Through This God Fearing Lender Mr. Peterson Clark And I Will Advise Anyone In Genuine And Serious Need Of Loan To Contact This God Fearing Man Via; Petersonclarkloanfirm@Gmail.Com , Petersonclarkloanfirm@Outlook.Com Petersonclarkloanfirm@Yahoo.Com And I Want You All To Pray For This Man On My Behalf

Thanks

Mrs clara williams
0 votes Thank Flag Link Mon Jul 28, 2014
Hello Every One,
My Name Is Mrs clara williams,, I Live In Texas Usa And Life Is Worth Living Comfortably For Me And My Family Now And I Really Have Never Seen Goodness Shown To Me This Much In My Life As I Am A Struggling Mum With Four kids And I Have Been Going Through A Serious Problem As My Husband Encountered A Terrible Accident , And The Doctors States That He Needs To Undergo A Delicate Surgery For Him To Be Able To Walk Again And I Could Not Afford The Bills For His Surgery Then I Went To The Bank For A Loan And They Turn Me Down Stating That I Have No Credit Card, From There I Run To My Father And He Was Not Able To Help, Then When I Was Browsing Through Google Answers And I Came Across A Loan Lender Called Mr. Peterson Clark, Who Provides Loans At An Affordable Interest Rate And I Have Been Hearing About So Many Scams On The Internet But At This My Desperate Situation, I Had No Choice Than To Give It An Attempt And Surprisingly It Was All Like A Dream, I Received A Loan Of $50,000 usd And I paid For My Husband Surgery And Thank God Today He Is Okay And Can Walk And Is Working And The Burden Is Longer So Much On Me Any More And We Can Feed Well And My Family Is Happy Today And I Said To My Self That I Will Shout Aloud To The World Of The Wonders Of God To Me Through This God Fearing Lender Mr. Peterson Clark And I Will Advise Anyone In Genuine And Serious Need Of Loan To Contact This God Fearing Man Via; Petersonclarkloanfirm@Gmail.Com , Petersonclarkloanfirm@Outlook.Com Petersonclarkloanfirm@Yahoo.Com And I Want You All To Pray For This Man On My Behalf

Thanks

Mrs clara williams
0 votes Thank Flag Link Mon Jul 28, 2014
Good morning alez,

First steps:

Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Aug 15, 2013
Call Joe at Regent Financial 402 301 4160 He can look at your financials and confirm you qualify. In terms of slary, you look good to go. Feel free to contact me if you want to see what that price range gets you.
0 votes Thank Flag Link Thu Aug 15, 2013
If you are considering a new home in Omaha, Celebrity Homes has 4 preferred lenders that could help you. http://celebrityhomesomaha.com/financing.html

If you would like to visit our model homes, please stop out to 6016 S 191st Terrace (corner of 192 & Y Street) I have 3 models here you can tour. I have represented Celebrity for over 15 years. http://www.TucsonDLX.com We have homes from the $140's to the mid $200's
I would love to help you find the perfet new home to fit your needs.
0 votes Thank Flag Link Sat Dec 15, 2012
I plan on buying in December of next year by then I should (god willing) have closer to $40,000 but I would still like to have $20,00 in case of an emergency in savings. Since i'm looking to purchase a house so far away when is the best time to meet with a loan officer? The collections are for two cell phones that I have disputed its for $120.00 and $200.00. I know I need money for the inspections and appraisals, but I was under the impression that I wouldnt need to worry about the closing cost because I'm a first time buyer.
0 votes Thank Flag Link Thu Dec 6, 2012
You probably qualify for up to $300,000, so a $200,000 purchase is a safe conservative purchase. The advice regarding an underwriter is completely accurate so get with a lender you trust is your first priority. Steve Winteroff with Enterprise bank could get you answers quickly, so you can start shopping. His number is 250-6342. I would help you find the right home once you are comfortable with the financing.
0 votes Thank Flag Link Thu Dec 6, 2012
Hi Alez,

Your ratios look great for an FHA mortgage with just 3.5% down. The collections may or may not need to be paid at or before closing depending on what an underwriter wants. This is the best way to deal with the collections.

Let an underwriter decide if they want them paid off, this way your credit scores will not be an issue. Here's what I mean: If you pay off the collections before you apply for the mortgage and the collections haven't reported in a couple of years, when the collection agency updates your credit report to show they're paid, it will drop your scores. If you wait and let the u/w make the call, we already have your credit report & scores so it won't matter for the mortgage if your scores go down after you close on your home.

Please feel free to contact me for more information or help. You can also find info on my FHA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
0 votes Thank Flag Link Thu Dec 6, 2012
A great local lender is Chuck Sederstrom of Finance 1. He has been in the business over 25 years and knows his stuff. He would be happy to just answer questions or to work up the whole pre-approval. Call him at 402-502-5441. My clients are always happy wiht his services.
0 votes Thank Flag Link Thu Dec 6, 2012
Your first stop needs to be with a lender. The collections judgement may prevent you from purchasing a home until the debt is satisfied. You may want to look at your monthly payment and possibly scale back on the price for your 1st home. Without 20% down PMI (required if you don't have 20% down) adds to your closing costs and monthly payment. Your credit rating will also impact
your closing costs and interest rate.
0 votes Thank Flag Link Wed Dec 5, 2012
Wouldn't paying off the collection hurt my score? The collection is past the statue of limitations therefore I can't be sued
0 votes Thank Flag Link Wed Dec 5, 2012
I don't think so. I really think you should go to a lender and have them analyze all of your financials. It can be daunting, but with the right team behind you (lender and agent)!it really is a breeze.
Flag Wed Dec 5, 2012
Alez,

Great questions! The best time to start preparing to look for a home is as soon as possible. In other words, find a knowledgeable, ethical mortgage professional in your local area in advance of looking at homes. You'll want to make sure you qualify for the price range you're looking in AND the monthly payment is within YOUR budget. It's also good to see what's on your credit report to make sure there's credit issues that can cause headaches down the road. Jonathan is exactly right!
0 votes Thank Flag Link Wed Dec 5, 2012
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