Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hopefully some real estate and/or mortgage professionals in the Charlotte area can help me out... I am a 1st time homebuyer, 3 yrs of clean rental history, looking to purchase a single-family residential home in Fort Mill, SC. My max purchase price will be $200K. Also, I have approx. 5 years experience in my current field, and excellent credit scores (mid-score is 700). Generally, what are the max LTV and debt/income ratio, and minimum disposable income allowed in current loan programs? Is 100% financing available in the area anymore? 97% LTV?
FHA might work for you at the 97% some lenders will do 10% down. Iahve one lender who still can push through a 100% but the rates etc are a little crazy!
I just got a 100% through SunTrust via a mortgage broker...and the rate was not bad at all (6.5%...and your credit score is better than mine). It does come with a hefty PMI baggage, but that will drop sooner than later and only make things better. I can certainly recommend the mortgage broker we used if you'd like. Direct message me if you want it. I'm affraid to post it since it seems as though any direct referencing to things of this nature will get mod'ed.
We didn't pay much attention to the maximum debt/income ratio since we have very little debt and a moderate income. In the words of the broker, we were/are "golden" to the banks.
As far as LTV ration, we were advised that banks will not loan more than 100% of the appraised value of the home...especially on a first purchase.
As a mortgage professional I can tell you that FHA is a great product and with the price range you are talking about FHA would work. 100% is very tough to get, but 97% is fairly open. And rates right now are still extremely attractive! A lender or broker would be your best bet. Banks typically have a limited number of programs. Lenders typically lend their own money and have more flexibility and in many cases can still broker it out if they don't have what you need. This also saves you the time, trouble and confusion that can be wasted on calling 15 lenders.
Thanks for the info... I assumed 97% FHA would be the way to go. I just wanted to confirm it with a few people not in the mortgage game.
Thanks again!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Get 100% with this equation
