Will a mortage ever be offered @
If I were interested in buying a home in Brooklyn (offered at 600k), 3 family home. $3200-3600 a month in potential income with 25k cash available. Mid 70k’s a year salary (girlfriend makes low 60s). No credit card debt, car payments of 250 for another year and under 200 a month in student loans. Do…
If I were interested in buying a home in Brooklyn (offered at 600k), 3 family home. $3200-3600 a month in potential income with 25k cash available. Mid 70k’s a year salary (girlfriend makes low 60s). No credit card debt, car payments of 250 for another year and under 200 a month in student loans. Do you think a bank will approve this?
I’m almost sure it will be impossible for a loan on a 3 family home with 25k down at a 600k purchase price. The reason I say this is because FHA will be your only chance. However, to qualify for FHA on 3-4 family homes, 85% of the total monthly rental income must be higher than your PITI (mortgage principal and interest, taxes and insurance). You may want to look into a 2 family homes instead. For 3-4 families homes on FHA, the home has to carry itself and it doesnt matter if you make 70k or 700k. sunny.hong@bankofamerica.com
If you are saying that you have 25k for a down payment, no, you will not be able to do it right now. 3 families in particular are difficult right now in NY with low downpayments. Closing costs alone are probably 15K or so. You MIGHT be able to do a FHA loan. I doubt it.
A bank or mortgage broker, like Manhattan Mortgage, will be the only legitimate source of information for you.
Any comments on here are purely speculative.
Have a bank/mortgage broker run your financials, they’ll tell you exactly what you quality for (got to a few places to see if you can get a better deal at one over the other)
Good luck…
Also, if you’re in doubt, try the bank that you usually do business with. Mine (Wachovia) gave me a very good rate and quick approval, partly (or so they said) because I was a longtime customer and they knew my financials very well.
Go to a bank and ask. They’ll tell you.
The bigger the downpayment, the better your chances…and unless your girlfriend signs on the loan with you, her income will not be counted.
Sounds like you have very good financial creds though.
Not offered @… more like “Approved w/.”
Sorry 🙂