Home Buying in 11229>Question Details

Ralph, Home Buyer in New York, NY

mortgage qualification

Asked by Ralph, New York, NY Sat Mar 21, 2009

im a single guy lookign to buy a house. I have 702 FiCO and income of 150K and live with my parents and have about 50K to put down- im lookign in the 700-800 K range- will it be difficult to get a mortgage with these specs? id like to do 15 yr loan- imin brooklyn, NY - thansk for the help

Help the community by answering this question:


Hi Ralph,

The scenario you are describing is a "jumbo" loan. Those normally require 20% down. If you can get the additional down payment the terms might be better.
Another option you have is an FHA loan. The product allows for less down payment and the rates are favorable.
On a 15 year FHA loan - if you put 10% - you don't have to pay mortgage insurance - excellent feature!
On a 30 year loan mortgage insurance is required.

Hope this helps,
Shai Megiddo
Loan officer
1 vote Thank Flag Link Sat Mar 21, 2009
Good Afternoon Ralph,

I'd love to sit down and chat with you to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping HomeBuyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Tue Jun 19, 2012
I think a 15 year loan is a great idea. It forces you to get rid of the mortgage quickly. If you go bi weekly and then make one extra payment at the end of the year you would be mortgage free in under 10 years.

I would suggest doing FHA to get a 3.5% down mortgage. This would cap you at a max amount of 635k for a 1 family. Keep in mind that 2,3 and 4 families all have higher loan limit amounts.
0 votes Thank Flag Link Mon Mar 23, 2009
It is a good idea to contact a mortgage professional before
you decide to buy and review different loan programs.
With a 15 year loan you will pay it off sooner but, with a
conventional loan of 30 years, that to me sounds like what you need.
By just making a extra payment once a year you will buy the
loan off in just 20 years and it will give you more freedom.
If you have additional questions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes Thank Flag Link Sun Mar 22, 2009
Dear Ralph:

Why do you want a 15 year? I think you would be better off with a 30 year fixed. The payments are less and you can alway pre-pay some principle along the way which would shorten the loan term. If you make a 13th payment every year, you will shorten the loan to about 22 years instead of 30. Not only that, if it turns out you sell the house sooner rather than later, you will be paying off all the principle anyway. You will also get a bigger tax write-off. If you borrow $600,000.00 with a 30 year fixed mortgage the costs would be about $3,400.00 per month. Then you add in real estate taxes and insurance which would bring that number up to $3,800.00 per month. With the income, assets and credit you quoted you would qualify for this type of loan.

If I can be of further assistance, please contact me again.

Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Mar 21, 2009
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