Sam, Home Buyer in Long Beach, CA

Loan officers, would you make this Loan?

Asked by Sam, Long Beach, CA Fri May 11, 2012

Mortgage: 375000
Down Payment: 20%
Income: 60K Annually
Credit Score: 805
No debt

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Answers

9
Stephanie Me…, Agent, Schenectady, NY
Sat Sep 28, 2013
Last year's interest rates would have made this loan easier to do. Now in Sept 2013 the income may be a bit low for that monthly payment, but depending on DU the loan still may be approved.
0 votes
Caroline Ger…, Agent, Newport Beach, CA
Thu Sep 26, 2013
Your basic facts are great but not detailed enough for today's Underwriter...

Other factors: income stream past 2 years? property type and condition? HOA fees and if condo is a lawsuit pending and occupancy levels of complex? owner occupancy? Liquid cash past 60 days?
0 votes
, ,
Tue Sep 24, 2013
So with the normal cost of taxes and insurance you have a 38% debt ratio. Yes it should rock. The fact that you are asking the question leads me to believe that there is something going on.

1. It could be that there are additional taxes such as assessment district taxes
2. There could be association fees

These two items could raise the debt to income ratio and cause the ratio to go over 45% and cause a problem.

Another thing that happens is that the borrower may have answered an ad, advertising an interest rate that does not exist, several large companies do this. In order to make the loan with out losing money they have to claim that there was some reason the buyer did not qualify for that loan. Real sad, happens all of the time
0 votes
Gail Mercedes…, Agent, Los Angeles, CA
Sun Jun 9, 2013
I am a Realtor and not a lender. Off the top it appears that the loan looks good .BUT There are other factors to consider.

- Borrower's annual income for last 2 years
- Debt to Income Ratio ( in other words what are the monthly debts divided by monthly income)

I would check with a local direct lender for pre-approval. They will gather all financial information needed for pre-approval. With pre-approval buyers know loan amount, down payment, sale price and etc..

Gail Mercedes Cole
EXP Realty
310.853.9933
0 votes
Jovan Simon, , Santa Ana, CA
Wed May 23, 2012
Hey Sam,

With this criteria I can get you into a FHA Loan with 3.5% down and a great rate and get you pre approved in less then 2 days. Then you can refinance in 6 months to a lower rate. Give me a call when you get a chance.

Jovan Simon
Account Manager
In House Lender
714-619-3172
0 votes
Erik Ibarra, Agent, Beverly Hills, CA
Fri May 18, 2012
sounds like you can get a quick prequal or preapproval...
0 votes
Johnny James, Agent, Palmdale, CA
Wed May 16, 2012
No debt 800 score and 20% down sound good. Purchase price almost six and a half times the annual income does not sound as good.
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Fri May 11, 2012
Sam this is easy breezy depending on you DTI ( debt to income ratio)
Call Steve at Midgate Mortgage (310). 415-0851 he us very familiar with the area as well. Conservative and in business for over 18 years
0 votes
Robert Chome…, , San Diego, CA
Fri May 11, 2012
That is a slam dunk. You should have no issues whatsoever.
0 votes
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