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First, a loan officer can quote anything generic, but it depends on specifics. Your specifics. Until they start the underwriting process it's all just a guess. All you got was the equivalent of a pre-pre-approval letter, which you can get on a 1000 sheet roll these days. Worthless.
Even a pre-approval letter just means that they've run the basic ratios and real estate agents will be willing to work with you.
Ultimately it will depend on income and steadiness of it, debt (DTI), credit rating/score and your down payment, combined with the appraised value of the property. Given what you're looking for it will be a Fannie Mae-insured home so underwriting won't be that strict - luckily, because there's no way you'd be approved with the underwriting required for a jumbo.
As to your "why rent when we can afford a home", I'm not convinced you can afford a home. Not yet. You state that you don't work off the books, yet your income isn't factored in? Or is it? Or is it not steady enough to factor? That part is very confusing.
I'm pretty sure you will get approved some way, some how for a mortgage. Again, it'll be sold to Fannie Mae so the person writing the mortgage will charge you an extra .5-.75% and then run laughing for the hills knowing his investment is safe. I'm not so sure you have the funds - especially if you want to start a family - to be a homeowner with all its associated unforeseen expenses.
Nonetheless, good luck.
I disagree with a pre-approval letter being worthless. As long as OP stated his finances correctly and the conditions are accurate, then the amount on the pre-approval should be correct. Its just based on undocumented assumptions. If the OP is lying, then well, it will only hurt him later.
I disagree with a pre-approval letter being worthless. As long as OP stated his finances correctly and the conditions are accurate, then the amount on the pre-approval should be correct. Its just based on undocumented assumptions. If the OP is lying, then well, it will only hurt him later.
I, personally, wouldn't want to put that full $2u00K down on a house. I'd want to save most of that. I'd look at small starter homes, condos, or coops. You can get coops in nice areas for low prices. There are some in Sayville that can be had for between $85-$125K if you want 1 or 2 bedroom units. Buy that, stay there for 5-7 years. Save, and earn more. Then you can buy that dream house, in the nice area you want, for $400+K.
When things fall into place we will have 100 in savings after buying a home. It's complicated to explain but in 2017 that will be the case more then likely. We will have a savings. Anything can happen yes. We may put down 250 if need be to live in a 399k home if need be. Or lower priced home.
When things fall into place we will have 100 in savings after buying a home. It's complicated to explain but in 2017 that will be the case more then likely. We will have a savings. Anything can happen yes. We may put down 250 if need be to live in a 399k home if need be. Or lower priced home.
So you could do this...or that...or this one over here....or maybe that one...
It sounds like you still don't have a full grasp of what you want to do here. I think some more thinking time is in order LIQUEST.
So you could do this...or that...or this one over here....or maybe that one...
It sounds like you still don't have a full grasp of what you want to do here. I think some more thinking time is in order LIQUEST.
The point I'm trying to make with the savings is that it's going to take up to early 2017 to get $100,000 in our savings based upon personal things I'd rather not discuss here. But is anything in life anything can happen or change so I'm not going to say it set in stone but that is the plan.
The point I'm trying to make with the savings is that it's going to take up to early 2017 to get $100,000 in our savings based upon personal things I'd rather not discuss here. But is anything in life anything can happen or change so I'm not going to say it set in stone but that is the plan.
Is that 100K in addition to the 200-250K you have available now?
Or are we back to the not being able to move until 2 years from now?
When things fall into place we will have 100 in savings after buying a home. It's complicated to explain but in 2017 that will be the case more then likely. We will have a savings. Anything can happen yes. We may put down 250 if need be to live in a 399k home if need be. Or lower priced home.
Your earnings are so low you qualify for a lot of government programs. You should see HUD guidance for what you qualify and how you can have the government support (such as having closing cost paid for) in order for you to reach the american dream. There is FHA, SONYMA, etc... I believe with FHA loan you can refinance once you reach the 20% down payment in order to drop the premium insurance. Even though FHA loans are more costly than a traditional loan, I don't think you are in a position to put all your money into the house given the low earnings. You want to give yourself as much options as possible.
Not for nothing, but you are 1 child away from losing a house with that income. Period. Listen to people who are living it now and have more income than you.
Is that 100K in addition to the 200-250K you have available now?
Or are we back to the not being able to move until 2 years from now?
The plan since the last eight months or so has been 200,000 and no more than that.
Basically I will be honest we are getting assistance from our parents $200,000.
The problem is we don't get the full 200,000 due to gift tax reasons.
Thus we have to spend our own money as well as money from the estate and money for my wedding that we get as gifts.
So we have money coming in next year and 2016 and we project that we will have $200,000 to put down by January. So that is basically how everything looks as far as money.
Not for nothing, but you are 1 child away from losing a house with that income. Period. Listen to people who are living it now and have more income than you.
What home price range do you suggest cost wise? There's not much in the 200s for the areas and safety we are looking for. Must be 300s.
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