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dsmall123
2009 Jun 1, 9:46am
MULTIPLY OUR YEARLY SALARY BY 31%, DIVIDE BY 12, EQUALS YOUR MAXIMUM TOTAL HOUSING EXPENSE. GREAT CREDIT AND LARGE SAVINGS (OUTSIDE OF THE DOWN PAYMENT) MAY ALLOW A HIGHER DTI. TAKE THAT NUMBER AN SUBTRACT MONTHLY REAL ESTATE TAXES, INSURANCE, HOME OWNER'S DUES AND MORTGAGE INSURANCE (IF YOUR PUTTING LESS THAN 20% DOWN) CURRENTLY ONLY FHA LOANS ALLOWS LESS THAN 20% DOWN PMT. YOU CAN ACTUALLY PUT ONLY 3.5% DOWN UNDER FHA BUT THE LOAN LIMITS ARE LOW VS FANNIE MAE LOANS, LEES THAN $417K. IF I KNEW YOUR ZIP CODE I COULD TEL YOU. HOE THIS HELPS, GOOD LUCK.
guys,
I am wondering what is a good way of accessing my loan eligibility. I am not talking about PRE Qualifying or any thing. Just to get an idea of how much I can qualify for, given my credit ..etc
I have talked to an loan broker, he wants me to give him the info so he can do a credit pull. Problem is I am not quite certain that I want to go with him. I don't want to give out my info to too many loan brokers.
I have been to my bank, but it isn't much help. THere was a drone, asking me the details to enter into a form.
So any advice on how to go about this?
thanks fellows.