Home Buying in 33068>Question Details

Erniemustard, Home Buyer in 33068

i make 33000/yr and have a 740 credit score and 3.5% down, how much will the bank/fha loan me?

Asked by Erniemustard, 33068 Sun Jun 20, 2010

Help the community by answering this question:


Hello Ernie - it all depends on your monthly expenses too (credit cards, car payment etc.). As Laura and Ana both rightly recommend, you should contact a couple of lenders - perhaps a local institution and a mortgage broker (I can give you names of some great ones if you don't have anyone in mind). Power Financial Credit Union in Pembroke Pines is excellent, especially if you have a high credit score - they are VERY efficient, very friendly and very competitive with their rates. They'll at least be able to give you an idea on the phone, but you should have a pre-approval letter before you begin looking at homes. Most offers require this now and it is a big plus for you to have this done. It tells the seller that your credit report and financials have already been reviewed and based on this, you would be qualified to buy a home worth $xx amount with $xxx down payment.

I'm guessing that if you are thinking of 3.5% down, you're thinking of an FHA mortgage. Remember, that for FHA, any condominium community (including townhouses governed by a condo association) must be approved by FHA, otherwise you would be unable to buy there.

If you need any information and/or if I can help you with your new home, please don't hesitate to contact me.

Best regards, and good luck to you.

Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Sun Jun 20, 2010
You should talk to more than one lender, BUT, do not allow all of them to run your credit (this will cause your score to go down:(, just give them a copy of your credit report (you may get one, once per year, free of charge, from the three credit scoring agencies).
Personally, I always preferred to work with a mortgage company vs. banks: try calling your bank loan officer after hours/weekend....in addition, any bank will have their own, limited, "menu" of mortgages to offer; however, a loan officer will shop within the state and out of state, among 80 different lenders and up, for the best terms to fit YOUR needs...
0 votes Thank Flag Link Wed Sep 19, 2012
Hi Ernie,
Lets say based on only the information your provided and that you have no other revolving monthly debt you can qualify for a monthly housing payment of $1237.50. I do have other lenders that will go higher then that but the rate is not as desirable. Should you want to review your full scenario I would be more then happy to run numbers for you.
0 votes Thank Flag Link Mon Jun 21, 2010
Hi Ernie,

As Laura stated it depends on many factors. What are you basing your 3.5% down, what is it 3.5% of?

You can definitely get an FHA loan, however, I also know of programs through a few local banks where you can get a conventional loan with only 3% down and no Private Mortgage Insurance!

Please feel free to contact me with any questions. I'd be happy to help you find your next home!

Ana Huffer
United Realty Group
0 votes Thank Flag Link Sun Jun 20, 2010
Hi Ernie,

Check in with a good mortgage lender. You excellent creditscore will ensure you receive the best rates. And your income will be one of the qualifying factors to determine how much you can afford. But other items must be considered as well including your debt to income ratio, how long you have been at your current job. It costs nothing to get a mortgage pre-qualification. Contact a LOCAL professional (not an on-line service) to get you started on the road to home ownership. And don't let the process intimidate you. It only takes a few minutes on the phone to get your initial loan pre-qualification.
0 votes Thank Flag Link Sun Jun 20, 2010
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