Comments on: Will I Qualify for a mortgage loan and how much ?

By: MortgageGuy

MortgageGuy — Mon, 11 Jan 2010 17:38:59 +0000

Slim,

With your credit and income you will have absolutely no problem qualifying for a mortgage..

As for the money down, you can qualify for a 100% financing loan if you desire.. I will tell you though, the more money you put down on a property, the less of a "risk" it is for a mortgage lender..

The less "risk" the lower the interest rate you will qualify for..

So you basically need to decise how much you are willing to spend each month…

This will give me a better idea of how much of a house you can buy…

You say you are making roughly $2900 monthly.. How much of that do you wna tot obligate to a mortgage?

What i suggest is that you have a licensed professional take a look at your situation..

What i do for my clients is take a look at your credit and finances, and then put together a few options for you..

Ill show you the rate if you put 10% down, 20% down, and 0% down…

Once you have all the accurate information, you can then decide what will be the smartest option for you, and whcih option makes most sense for you…

The number ont thing i can advise is that you work with a mortgage lender that is partnered with multiple investors… The reason i say this is if a morrtgage co. can pull ONE credit report, and shop it among their many investrs, you not only will get the lowest rate and costs, you also will not lose valuable pioints on your credit score..

For instance, if you shop for a mortgage to multiple lenders on your own, each and every lender MUST pull a seperate credit report… Every time your creidt is ran, you lose points on your score… So, shopping for a mortgage on your own can rally be detramental to your overall creidt score..

By working wiht a single lender that has miltiple invesotrs, WE will do the shopping for you.. You dont have to worry about a credit drop, and also dont have to deal with the hassle of shopping on your own….

I always say "leave it to the loan officer… thats their job, to find the best possible mortgage loan for each borrower." You can be assured that you get the best program to fit your needs…

If you wish, i can assist you with this process through every step..

I work with a natinwide mortgage lender, and would be happy to help you purchase a home. or at least know your options..

Feel free to call or email me at any time…

Good Luck,

Jason Fry
Licensed Mortgage Loan officer
Providential Bancorp
jasonf@providential.com
312-550-5583
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By: homesbydamon

homesbydamon — Mon, 11 Jan 2010 16:50:59 +0000

We need more info from you…

Since you’re self-employed, what’s your "adjusted gross income"? Lenders will look at your income after expenses. For example, if you say you make $50,000, but you have $10,000 in expenses, lenders will count your income as $40,000. This is a very simplistic example, but helps paint a picture of how underwriters work.

Also, what are your MINIMUM monthly payments on your credit cards? What is your monthly car payment? The balances don’t matter as much, rather the payments are used to determine what you qualify for.
References :
Me…a former mortgage loan officer

By: kingslave

kingslave — Mon, 11 Jan 2010 16:12:59 +0000

If you want a new home, lower mortgage payments or even to GET CASH for any use you desire and you live in California, visit your own Rockwell Financial page and fill out the form yourself. You’ll be surprised what Rockwell can do for you.

See= > http://freedom.ws/kingslave/loans

Rockwell Financial, Inc.

Good luck.
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By: Hassan Y

Hassan Y — Mon, 11 Jan 2010 15:36:59 +0000

Hey boss… a couple questions back atcha…

What state are you in?
Is the $2900 gross or net?
Do you have at least two open credit lines?
Any bk’s last 7 years?
Assets vs liabilities (monthly basis) money in and money out?
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By: troy0220

troy0220 — Mon, 11 Jan 2010 15:05:59 +0000

yes you would be able to qualify for a 100% loan i’m a realtor in california. well with your income a month you can probably afford 400k and since you’re self employed and your fico is really good then this deal is really easy. right now is the best time to buy a house because the market is not so good so the more it goes down the more equity you will get when it goes up in a little more than year once we get a new president then market will start to pick up again. you can get a house without taking money out of your pocket as in 0 nothing as a realtor i always ask the seller to help my buyer with their closing cost specially right now any buyer will say yes to any offer becaue they are so desparate to sell their homes and if you’re looking into a brand new house i know a place called lathrop its in california its a new construction and when you buy the house you instantly get about 40k to 100k equity already with closing cost already. so if you have any other questions please feel free to e-mail me at ramanlapaz@aol.com
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By: ron

ron — Mon, 11 Jan 2010 14:58:59 +0000

You can qualify for nothing down with a 80%, 20% mortgage (two) Go talk with a broker and tell them the price range your looking for! It will cost you nothing! They may have you work on that credit card debt for a little while though! It maybe hard at first, but you can refinance after a little while and pay off some debt! Judging from your stats , I would say you can find a decent home! Good luck!
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By: John H

John H — Mon, 11 Jan 2010 14:10:59 +0000

You may have to get a no documentation loan since your self employed. But your credit score is real good an you should be able to qualify for a loan with a good interest rate. Try an get a quote at http://www.nationwidebillrelief.com/homepurchase.html I was able to get a zero down loan with a lower credit score.
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