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Financing in Burlington : Real Estate Advice

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  • Local Info2
  • Home Buying7
  • Home Selling1
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Activity 2
Rob Weber, Real Estate Pro in Plainfield, IL
Wed Nov 16, 2011
Rob Weber answered:
Currently as of today, I have an outlet for you actually.

You'll need three months of reserves after all your funds are sourced to close as well as three tradelines that are twelve months old or longer. There are some other basic criteria but those two above are the main sticking points usually.

This will be via an FHA loan, your down payment will be 3.5%. You can contact me at 847.404.7006.

Disclaimer: In the weeks/months/years to follow, this information may not be accurate, please ask for confirmation at that time (my profile --> email or call).
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Ken Lambert,  in Exeter, NH
Fri Oct 23, 2009
Ken Lambert answered:
Hi William- Good questions.
Generally, the lender will not take into account "boarders"/ roommates- even though that will help you out in reality. So, you'll have to qualify on your own.
You have excellent credit- so that is good.
On a $80K yearly income, my ballpark of the most you would qualify for is a $325K loan. You would need to put down at least 3.5%, for an FHA loan. My guess is you could find something in Burlington, or Woburn, for that price for a 3 BR place. If I can help you any further, please call or email me.
Thanks and good luck,

Ken L.
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