First let me say congratulations on your desire to purchase your first home. Purchasing a home is usually the biggest investment most individuals will make in their lives and it is a noble one. Let me also say that you are very smart in choosing to purchase at this time. They way I like to put it, both Real Estate and Interest rates are on clearance. As the Real Estate Agents have mentioned below, you are well on your way in regards to income and down payment and in this market you and the co-borrower will need to both have a minimum credit score of 620 to qualify for a mortgage in addition to the other things mentioned. I've been in the business almost 10 years and would love to speak to you more if you would like to take your next steps in terms of getting pre-approved to find out how much you would qualify for based on your situation. Good luck on this grand decision that you've made!
Cecelia Marlow - Mortgage Banker (Chicago Bancorp)
Check out Smart Moves Program. I'd call Prospect Mortgage in Naperville and speak with Juan Loya. You can get into a home for 1K down. You'd be surprised up to how much home you can get...the Smart Move Program also offers up to 18K or 20K (total) in mortgage interest for up to 2K/year. This gives you more purchasing power.
A mortgage calculator will help you with calculating your monthly payment.
Call me any time for further assistance. Tina Marie Mateja
Cross Country Mortgage
323 546 8066
Specializing in Illinois and California
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Closing loans in 3 - 3.5 weeks
Just about every mortgage company can do FHA financing. However, there are qualifications, such as a minimum credit score, income, time on the job, etc. Your next step should be talking to a mortgage company so that they can determine if you can qualify for a mortgage, and what price you need to stay below.
Evergreen Real Estate
If you have any further questions, please don't hesitate to contact me.
Charles Rutenberg Realty