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Old 09-17-2008, 12:41 PM
 
516 posts, read 1,689,079 times
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Quote:
Originally Posted by phantoms View Post
Less than $1000 a month on a 250K house??? Even if you use the whole 100k as a down, I still don't think you'll come in under $1000/month.
Mortgage Calculator -- Bankrate.com

$150,000 over 30 years at 6.5% = $948.10, at 6% = $899.33. Adding tax & insurance, it may be tight, but $1000/month may be possible.
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Old 09-20-2008, 09:16 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,670,540 times
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Actually, we have a no ratio loan with 30% down, nothing is put down for the job. But the score would be an issue. 720 minimum. (and I am with a small portfolio bank that can only lend in a few states in the SE US.
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Old 09-25-2008, 03:18 AM
rom rom started this thread
 
15 posts, read 31,677 times
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I checked my credit score and to my great surprise I have a score of 772 point .looks the $65k balance I have on my credit cards and the payment track records have improved my credit rating contrary to what I thought.
Ok, I have a good down payment and good credit score to be approved for a mortgage .my question is what if I don't pay down my credit card balances before I apply for a mortgage .will it hinder my approval .thanks in advance for your replies.
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Old 09-25-2008, 07:26 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,597,139 times
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Quote:
Originally Posted by rom View Post
I checked my credit score and to my great surprise I have a score of 772 point .looks the $65k balance I have on my credit cards and the payment track records have improved my credit rating contrary to what I thought.
Ok, I have a good down payment and good credit score to be approved for a mortgage .my question is what if I don't pay down my credit card balances before I apply for a mortgage .will it hinder my approval .thanks in advance for your replies.

what is your monthly income and monthly expenses?
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Old 09-25-2008, 07:57 AM
rom rom started this thread
 
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I have mentioned earlier since I don't live in US right now,I don't have the necessary income proof ,just around $20k .but in above posts ppl have said I don't need income proof if i put %30 down .
And just to make it clear I will have my own business there so no worries of not being able to pay my expenses.
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Old 09-25-2008, 11:39 AM
 
Location: Cary, NC
1,036 posts, read 3,631,025 times
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Quote:
Originally Posted by rom View Post
I have mentioned earlier since I don't live in US right now,I don't have the necessary income proof ,just around $20k .but in above posts ppl have said I don't need income proof if i put %30 down .
And just to make it clear I will have my own business there so no worries of not being able to pay my expenses.

Actually, being self employed might add to the problem. It depends on what field you are in and if its location specific. For example a salesperson might make $500,000 a year in NY because they have connections and know the market. If they move to FL now, its unsure if they will be making $1 or $1 million as they need to adjust to the market. Many lenders have a rule about how long your business has to be in an area.

Again it depends on the type of business you have. The only way an underwriter doesn't worry about someone paying their expenses is when someone presents 2 years of stable tax returns and paystubs. Other than that, they will want to know how reasonable the income claimed is and the chances that it will continue.
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Old 09-25-2008, 11:50 AM
 
Location: Kansas City, MO
5,758 posts, read 9,500,994 times
Reputation: 2791
A mortgage isnt a loan against a home, it is a loan against your ability to pay it back. No income = no loan.
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