I'd love to sit down and chat with you and your husband 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!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
There are two debt ratios used in qualifying:
(1) Housing Ratio - the percentage for your monthly income before taxes that will taken up by mortgage principal, interest, property taxes, homeowner's insurance, and association fees (if applicable). It's best to be below 28%
2.) Debt Ratio - the percentage of your monthly income taken up by your housing expense plus any other debts you pay. It's best to be below 41%.
With substantial reserves (3 months+ of mortgage payments in the bank after closing), retirement assets, or a down payment of 20% or more, it's possible to recieve an automated approval from Fannie or Freddie on a much higher debt ratio.
Contact a reputable lender in your area and have a talk about what payments you feel that you can comfortably handle and see what loan amount you can qualify for.
Best of luck!