The Front Ratio is approximately 30% of your GROSS Income, before taxes and deductions. Most lenders willnot approve youfor a payment larger than that number.
The Back Ration adds al your payments on any obligations with more than 10 payments remaining. Combined with your house payment,that number should not exceed about 50% of Gross Income before deductions. Here is a good calculator you can use: http://www.bankrate.com/calculators/mortgages/ratio-debt-cal
Of course there are some individual variables. Ask your agent to recommend a strong local lender who will work with you to your best advantage. Local lenders know that in order to keep their reputation,they have to be competitively priced, good communicators, and show up on time for closing. E-lenders are notorious for doing none of the above.
You can look up resources for buyers on hud.gov including information about financing,credit counseling, names of lenders etc.
lenders will quailfy you based on income and debts .
For more info visit http://www.CenterCItyTeam.com
Frank L. DeFazio, Esquire
Prudential Fox & Roach, Realtors
530 Walnut Street, Suite 260
Philadelphia, PA 19106
Thank you and good luck,
Barb. Tomaszewski, agent
You have a good credit score but it will depend upon the value of the home as well as any monthly obligations (debt) you may already have.
If you would like, call me and I'll discuss the buying process a little more.
Prudential Reddington Realtors
Well its a good start that you have a good credit score and a down payment. If you have a job we need to look at your proposed debts as a percentage of your monthly income to see if you qualify.
You do need to speak with a mortgage proefessional to see where you stand.
Give me a call at 267 92 7276 and I will get you pre-qualified for a mortgage.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
A credit score of 753 and down payment of $10,000 are great, but getting prequalified also takes into account your income, length of employment, etc. Once you are prequalified, then we will know what price range you can look in.
I have a GREAT GREAT GREAT mortgage guy. Let me know if you would like his contact info.
Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty