Mortgage Approval Doable?
Do you guys think today its possible (FHA included) to get approved for a mortgage– home listed at $550k (2-family) rent for apartment will bring in approx $1,500 a month. Currently with a little under $30k in cash. $125k yearly income, pretty secure job (utilities, IT smart meters field). No credit card debt. Monthly student…
Do you guys think today its possible (FHA included) to get approved for a mortgage– home listed at $550k (2-family) rent for apartment will bring in approx $1,500 a month. Currently with a little under $30k in cash. $125k yearly income, pretty secure job (utilities, IT smart meters field). No credit card debt. Monthly student loans of around $350. Credit score in the 700s.
daveinbedstuy – im paying 0$ rent. parents :).
im not within striking distance to buy but i just wanted to know where id stand. and prices for the homes i been following keep dropping. im thinking around summer of 2010 i will be more prepared with at least 75k on hand.
is Mr Dahill easy going or a pushy one?
Thanks again!!!
I agree with Dave’s math.
You would need $20K-$30K in cash reserve after closing to be on the safe side.
Adam’s away getting engaged.
quickazoid- If you want some SOLID FHA info please contact me and i would be glad to walk you through the process.
The 3.5% would be $19,250. Figure out your closing costs. I’m sure they add up to around $10,000 or more and then all your cash is gone.
What are you paying for in rent now??? The mortgage payment (ex-taxes) would be around $2,300 and if you deduct the $1,500 per month rental (are you sure you can get this much??) would bring your outlay to $800, before taxes & utilities.
This is why it is better to own than to rent.
You need to be talking to a mortgage broker, not us. Call Adam Dahill. Just google him.
Ditto – wow – ok honestly thats a bit scary
but if that’s the minimum requirement, so it goes…
OK everyone, FHA requires 3.5% downpayment only. Start advice again.
are you saying you only have $30K to put down on a house that is $550K?
if so, you will need more cash for a down payment
the bank wants to see at least 20% down despite a rental income
also they like it if you will still have cash reserves in savings after putting down 20%
To be honest I am not sure how FHA works and yo uwould be looking for a small loan so maybe they would give it to you. I dont think its a very good idea though to not have the 20 percent.