Home Buying in 17011>Question Details

Bebe, Home Buyer in 17011

credit score 760, need loan for $280000 asking price for the house is $385,000, I have the 20%, our c/c min.is 1200 can we qualify? income $57000

Asked by Bebe, 17011 Mon Oct 31, 2011

Help the community by answering this question:


Hi Bebe, at $57000 per year you would typically try to have total payments under 43% of your monthly gross income. For you that number is $2042.50 and when you subtract out the $1200 per month you are currently paying that leaves you with $842.50 towards principle, taxes & home owners insurance. That amount wont even come close to what your monthly payment will be.

I agree that you should pay down some of the credit , but which ones? You really need to talk to someone who can go over your credit and advise you how to proceed. It's great to have 20% down but thats not going to help you get your monthly totals where they need to be!

I would be happy to do a free credit pull and prequalification for you at any time. You will then have the information need to make informed decision on what can be done to get you into the house

Thanks! Tracy

Tracy Jenkins
Loan Officer
Gateway Funding
Horsham PA 19044
NMLS # 604188
0 votes Thank Flag Link Mon Oct 31, 2011
I would need some more info, Call me or email me and I would be glad to help you.

0 votes Thank Flag Link Mon Oct 31, 2011
Without knowing all the details...this sounds like a workable scenario. I strongly recommend spending a few minutes over the phone with Mike Yuhas at Susquehanna Lending Group (717) 821-4067 to get a definative answer. He is a mortgage broker and will have multiple options I'm sure. Let me know if I may be of further assistance to you!
Andy Rhine, REALTOR
(717) 903-5722
KW of Camp Hill
0 votes Thank Flag Link Mon Oct 31, 2011
Good morning Bebe,

It appears from the information you provided that you would, indeed, qualify for a mortgage loan, but you left out one important fact: how much are the annual property taxes?

Also, I'd strongly recommend sitting down with a local Mortgage Banker to get thoroughly prequalified. There are more than a few "glitches" we come across in the client's paperwork that could reduce the amount qualified for, or worse, prevent a successful loan approval.

Be sure the Mortgage Banker is Licensed with NMLS: National Mortgage Licensing System. You can verify all Licenses at http://www.nmlsconsumeraccess.org/

Trevor Curran NMLS #40140
0 votes Thank Flag Link Mon Oct 31, 2011
Hello Bebe,

If your income is $57,000 per year, you qualify for principle interest taxes and insurance of approx $937 per month. My answer is no you do not qualify. If you have more information to discuss then I suggest calling a local mortgage lender

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
0 votes Thank Flag Link Mon Oct 31, 2011
You are the first person to answer her question honestly. I am a soldier and its very unfortunate how people are providing this lady with bad advise.
Thanks for been honest.
US army. Kuwait
Flag Sun Feb 3, 2013
Hi Bebe,

Looks like you are an excellent candidate to become a homeowner. Your best route is to talk to a mortgage lender to discuss all the options available to you. It is not only about getting pre-qualified or pre-approved. It is understanding what best suits your needs.

Best of Luck.

0 votes Thank Flag Link Mon Oct 31, 2011
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