if i make $65,000.00 per year, can i afford to buy a $330,000.00 home with 65% down?

Asked by Katie Tan, Fort Lauderdale, FL Mon May 6, 2013

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Neil Sherry, Agent, Boca Raton, FL
Tue May 7, 2013
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How are you? My company closes mortgages all over Florida. We “MAY “ be able to close your deal. Please email me or call ..Thanks NEIL FLORIDA MORTGAGE 561-732-6376


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0 votes
Jennifer Hal…, Agent, Fort Lauderdale, FL
Thu May 9, 2013
You should be able to & when your mortgage broker or banker says, "yes to that", I'll be glad to help you search for your dream home. Call me at 954-304-0999..

Native Floridian who knows a lot of areas from east to West to North to South. Daily deals come on market, too. So.....call me or TEXT is aok w/questions. Have a great night....Jennifer Coloney, Broker/Owner for my small boutique Co..Jennifer Coloney Realty LLC. I can help you find a mortgage broker, too, if you'd like.
0 votes
Ida Hes, , Miami, FL
Thu May 9, 2013
Great Katie,

Give me a call, to discuss details of the many loan opportunities we have for you!!!
305 439 5004 or 305 933 2200 x 711

Regards,
Vicky
0 votes
Terry Farnsw…, Agent, Lisle, IL
Tue May 7, 2013
Strictly based on your income and down payment amount - yes. You would only be financing $115,500.

However, there are too many variables we don't know here - such as your credit score, and debt to income level - which will play an equally important role in determining whether or not you will ultimately be approved for financing.

A lot of buyers think that if they put enough down, and make enough money - it shouldn't matter what their credit score is. If your credit is destroyed, or you are overloaded with credit card and/or other debt - it is going to directly affect the decision.

Your best best is to meet with a lender who can run the number for you and give you a better idea on if you would ultimately qualify. Essentially, they will run your credit, and take your total monthly debt obligations divided that by your total monthly income. The lower the percentage and higher your credit score is, the less risky you will be to them.

Hope this helps!
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Tue May 7, 2013
Sounds very likely, and only a mortgage broker will be able to give you an exact answer. There are many other factors involved in a loan besides income amount and down payment. The most important being credit history and amount of current debt. Contact at least 2 independent mortgage brokers and see who can offer you better terms. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
Antonelli Realty
0 votes
John Bourassa, , Fort Lauderdale, FL
Mon May 6, 2013
It depends,

The 65% could be all the cash you have but what is you are already overloaded with living expenses (rent, car payments, student loan, maxed-up credit cards, etc.) The lenders will calculate your debt to income ratio and determine if you can actually pay your mortgage payments on a $115K note. There is a possibility that you may be upside down on your debt to income ratio.

You need to call you trusted mortgage broker and find out what you can afford.
0 votes
marc jablon, Agent, Boca Raton, FL
Mon May 6, 2013
You sound like everybody's idea of the perfect buyer. Call the almost perfect mortgage broker, Preston Ware, at 561-329-0075, or go to his website at http://www.PrestonWare.com

He may be able to give you all of the information you need to purchase your Fort Lauderdale home.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
Web Reference:  http://www.JablonTeam.com
0 votes
Ryan Hanrahan, Agent, Fort Lauderdale, FL
Mon May 6, 2013
Katie,

That should not be a problem with such a low LTV at that annual income. Your best bet would be to have a mortgage broker go through the pre-approval process to give you a defiinite answer based on your specific situation. Let me know if you need any help being put in touch one of the mortgage brokers and/or direct lenders I work with.

Sincerely,

Ryan Hanrahan, PA
Christopher White Group
954-608-0527
rkh5656@aol.com
http://www.lauderdalebeachproperty.com
0 votes
Angela Schra…, Agent, Pembroke Pines, FL
Mon May 6, 2013
Katie: You should certainly be able to do that. I work with a couple of outstanding mortgage brokers and I would be happy to give you their information.

Please feel free to contact me - once you're pre-approved (and that takes no time at all), you'll be ready to shop for a home. I would love to help you find the perfect home - I specialize in the Greater Fort Lauderdale area and know it well. My husband and I have our own, small real-estate brokerage and we pride ourselves on our professionalism, knowledge and skills. We also like to think we're nice to work with too!!

Let me know if you'd like that information for the mortgage brokers.

Best regards, and best of luck,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference:  http://www.villagrealty.com
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