Lender/Qualification question please.....

2 Replies

I haven't gotten a exact answer so far, but was told that I need to have a paper trail of 2 months time, showing that I have saved in my bank account (   6 months worth of house payments )

So, since I have 1 and half months still to go, before I hit the 2 month mark ( as I've been putting money into an account ), I still haven't gotten an exact answer , as to how much house I will be able to qualify for, and in turn, what that amount of house will equate to, in terms of my monthly House payment ( PITI )

So here is my current financial status/stats, can someone please give me an estimate of what I'm likely to qualify for ( $100,000 , $90,000 , $80,000 , $70,000 ) ?

I have a 690 credit score, my taxes for last 2 years, show me making $1350 per month, my monthly debts total $200 ( used for DTI / Residual ) , an I hope to have close to $6,000 saved in an account, in the next few months ( for the 6 months of house payments, down payment...likely go FHA and for Earnest money and appraisal )

Thank you so much for everyone's help

Well,  I cant tell if your wanting to purchase an investment property or a primary residence?

You cant buy an investment property using FHA financing or at least I have never heard if that happening as FHA is not an investor product.

If you make $1,350 per month with $200 in expenses, I hate to break it to you but your not going to qualify for bank financing for any house.  

I dot think showing you clear $1,150 per month is going to help you get qualified for a loan.  I could always be wrong but I dont think I am on this one. 

Might want to find an owner finance deal, this might be a better situation for you. 

Good luck

Curt Davis, Real Estate Agent in TN (#00321765)
605-310-7929

I'm afraid I must agree with @Curt Davis . If it isn't a typo that you gross $16,200/year, I can't imagine that any lender would qualify you for a mortgage, whether for a private residence or investment property.

You'll have property taxes, utilities, landscaping, and incidentals (even the cheapest hot water heater is $300, and what about any other appliance that breaks?). Income at that level doesn't give you any room to breath, just about ANYTHING could figuratively run you over (doctor bill).

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