Vivian, Home Buyer in New York, NY

My annual income is 37000 and my co-borrower income is $24000 per annul and we oth have 15000 down payment. Can be be qualified for a 360000 loan?

Asked by Vivian, New York, NY Wed Feb 20, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

15
Michael Denn…, Agent, Queens, NY
Sat Feb 23, 2013
Vivian,

It's great that you are now looking into a homebuyer assistance program. It wasn't clear from your question and subsequent posts how much you actually paid monthly to service debt that's listed on your credit reports each month. We need these payments along with your income and any unreimbursed job expenses claimed on your tax return to calculate an accurate debt- to- income ratio Also, unclear was where you planned to make your purchase. Depending on prices in that area, a two family home may make sense for a number of reasons including using up to 85% (with FHA or 75% with Conventional) of the projected rental income to help you qualify for the mortgage. And with FHA, you can put down as little as 3.5% and include the closing costs in your mortgage. So the 15k you've saved for a downpayment may be sufficient depending on the price of the home. You should also have money in reserve, which may be satisfied with a 401k or other retirement or investment account.

As you look to get preapproved for a mortgage, keep in mind that guidelines, especially acceptable debt- to- income ratios will vary widely with banks and mortgage products. Generally speaking, retail banks and credit unions tend to have the most stringent guidelines across the board. But you'll find differences on acceptable ratios even among mortgage banks offering the same mortgage product.. So it may be prudent to get a second opinion to ensure that you explored all your available financing options. For more information or for assistance I can be reached directly at 917.699.0183, via email at michaeldenniston247@gmail.com or follow me on twitter @mdenniston247.


Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
1 vote
Kolsky Realty, Agent, Long Beach, CA
Fri Feb 22, 2013
Vivian~ I love hearing the news, great job, that's awesome :) congratulations!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Fri Feb 22, 2013
Good luck to you Vivian!!!
0 votes
Vivian, Home Buyer, New York, NY
Fri Feb 22, 2013
Thank you all for your advices. I'd consider looking at more affordable home. I found our that I may be qualified for a first time home buyer assistant in my area, I hope that helps.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Thu Feb 21, 2013
Hello Vivian. Seems like you have a specific property in mind. You need to talk with a mortgage professional. They will look at our income, assets and credit and give you an idea of what you could afford.

If you are looking at Coops, you would most likely need a 20% downpayment and based on the $360K, you don't have enough. A condo might be possible but it may be very difficult to obtain a mortgage for 90% loan to value. Don't forget closing costs and some level of post closing liquidity.

If you are a first time Home buyer, you may have a better chance through an FHA loan program and possibly other first time buyer programs but you do need to sit down with a Mortgage pro. Do that first as a pre-qualified buyer is in a better position than one who has not been pre-Q'd. Good luck.
0 votes
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Thu Feb 21, 2013
Honestly, I would need more information regarding the property such as the annual taxes. Additionally, we would need to review your credit profile to ensure your score and monthly liabilities comply with lender guidelines. As you can see, we do need to discuss your scenario in greater depth in order to best determine your options so I can point you in the right direction. Please give me a call (or an email) at your earliest convenience.


Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
(201) 203-2266
pmarzolla@unvmortgage.com
0 votes
De Vonte Wil…, Agent, East Point, GA
Thu Feb 21, 2013
Hello Vivian. Income is just one factor that goes into your ability to obtain a mortgage loan. You also must consider your credit, debt to income ratio, and ability to repay the loan. You should consult with a Mortgage Advisor who could assist you in getting pre-approved, and assist you in finding the best financing options available.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.


Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
(631)384-3695
http://cbmoves.com/DeVonte.Williamson
http://devontesellsny.wordpress.com/
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes
Mitchell Hall, Agent, New York, NY
Thu Feb 21, 2013
You should contact a loan officer at a bank or a mortgage broker. While I'm not a mortgage broker, lenders usually will loan around 3 to 3.5 X your income providing credit and debt ratios are in good order.

So at $61,000/year combined income, my guess would be you qualify for around $200,000 at the most. Of course you should check with a banker or mortgage broker.
0 votes
Roland Vinya…, Agent, Sprakers, NY
Thu Feb 21, 2013
With that kind of income and debt level, I think you'd be quickly heading for massive financial troubles, even if you were able to get a loan. Set your sights far lower and you'll be far happier.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 21, 2013
Since there are other factors that determine mortgage qualification, for a personalized answer visit with any licensed loan officer. If you don't yet qualify, he/she can offer great suggestions as to what needs to be done....
0 votes
Janet Nation,…, Agent, Baldwin, NY
Thu Feb 21, 2013
Vivian,
Sorry the answer is no. I'm not a loan officer but I'm experience enough through my day to day business to tell you that unfortunately you don't have anywhere near enough income alone. Speak to a loan officer to see what you can be qualified for.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Feb 20, 2013
Great credit scores - .........you're in good shape, but you really need to speak to a mortgage rep!
0 votes
Vivian, Home Buyer, New York, NY
Wed Feb 20, 2013
Thanks Debra. Our combined debt is $3800 and my credit score is 730 and my sister's is 820. Our combined monthly debt is $2700.
0 votes
Sholeh DeSan…, Agent, Irvine, CA
Wed Feb 20, 2013
You could qualify for $150k loan.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Feb 20, 2013
You left off big pieces of the puzzle ---- your debt and credit scores!

However, with an income of $61,000....assuming no debt (and that's a big assumption),and acceptable credit scores, it seems unlikely you would be approved for a loan as large as $360,000.

You really should speak with a mortgage rep so you know for sure how much you can borrow.

Best wishes..........
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more