I have a recent credit score of 780, retired income of $49,000.00yr., $50,000.00 to put down on a home

Asked by Mr. Ed, Thurston County, WA Thu May 31, 2012

and a paid off 5.25 acre lake front property in N. Idaho. Credit cards are all paid down and no outstanding debts. What value property can I reasonably be expected to qualify for in the Thurston Co, WA area?

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Dan Tabit, Agent, Issaquah, WA
Thu May 31, 2012
Mr. Ed,
It will depend upon the loan product you choose. With $50k down, you are in line for 20% of a home priced at $250,000. If you want to go higher, you probably could with the addition of mortgage insurance. FHA only requires 3.5% down and the rates are outstanding. Your remaining funds could be used for improvements or other investments.
The final answer will come when you speak to a great mortgage rep who can factor in all the variables we don't have access to such as, how much of your income is SSI, that portion will factor into your debt ratio differently that a pension or investment income.
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Jirius Isaac, Agent, Kenmore, WA
Thu May 31, 2012
You want to put down 20% in order to avoid mortgage insurance, so that puts you at a purchase price of $250k. As noted below, you qualify for more then that, but I would not recommend it since the payment will create unnecessary stress for you. Give me a call & I can get going helping you with a loan. We can do it all by email & on the phone. 206-841-9976

Take care, Jirius Isaac
Web Reference:  http://tristarfinance.com
0 votes
Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Thu May 31, 2012
from the looks of your basic info ...purchase price in the 350k-380K range looks feasible
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Tonya Brobeck, , Everett, WA
Thu May 31, 2012
I can quickly pre approve you if you give me a call! 425-268-1066
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