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I’m moving down to NC and buying my first house and I have a few questions…
[SIZE=3]My husband has bad credit and filed for[/SIZE] bankruptcy 4 years ago and has not done anything to improve it since. I on the other hand have good credit (795 on the new Vantage Score). I have 30k for for a down payment. No credit card debt or loans out.
How long would I have to wait in a new job before applying for a mortgage?
I will most likely be making around 45K when I move down there, How much would I qualify for? My husband will be making around 40k but won't be counted on the loan application due to bad credit.
I'm hoping to buy a house around 160k - 175k, is this reasonable and will I qualify for this amount? I don't want my payments to be more than 1000 a month.
175k purchase price
136k loan amount (if you want to avoid PMI)
6% 30yr fixed (average rate)
815.39 monthly payment
60 for Homeowners (720 annual) estimate
150 for property taxes (1800 annual) estimate
1025.39 Total (may include Homeowner association dues)
Quote:
Originally Posted by deb1chloe
I’m moving down to NC and buying my first house and I have a few questions…
[SIZE=3]My husband has bad credit and filed for[/SIZE] bankruptcy 4 years ago and has not done anything to improve it since. I on the other hand have good credit (795 on the new Vantage Score). I have 30k for for a down payment. No credit card debt or loans out.
How long would I have to wait in a new job before applying for a mortgage?
I will most likely be making around 45K when I move down there, How much would I qualify for? My husband will be making around 40k but won't be counted on the loan application due to bad credit.
I'm hoping to buy a house around 160k - 175k, is this reasonable and will I qualify for this amount? I don't want my payments to be more than 1000 a month.
I don't know where in NC you are looking but you might check out NACA (they are a non-profit mortgage company). They don't look at credit scores to determine loan. Instead they look at credit reports and as long as they see you can save the difference between rent and mortgage and make steps to amend your report they will approve you. The process is longer than most but their program is really awesome with rates regularly 1% below market. We locked in at 4.75% 30 year fixed, they have no down payment requirement, or PMI (but do have a $50 monthly fee for 5-10 years which goes to helping you out in case you lose a job and can't make payments, they will pay up to three of your payments to ward off foreclosure). We had 10% for down payment and instead used it to buy down the loan to 1.8%. They don't have income caps to qualify but cap the purchase price, in the triangle area is 200k Anyway thought I would throw that out there as an option for you to joint qualify and get an awesome rate.
You're probably one of the only borrowers that I have heard that actually closed.(I'm assuming you have) Classes take 2-3months ...and you're required to participate with them after you purchase/refinance your home.
Paying the 50bucks can't be deducted on taxes...and I hear they place a lien on your property. Someone posted this on this mortgage forum last week.
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