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Resolved Question: First time home buyer... Best Loan?
My fiancee and I are deciding to buy a home basically because we pay 975 a month for a 1 bedroom apartment in Virginia. We are sick of spending that much money on something we will never own and feel like we are thrwoing it away and could be investing in something like a home. The only thing is that realty is really expensive in VA and we are not in the position to move out of the state. I go to school here for nursing and he just relocated here for his job (not military). I work only part time and make just a little over 700 a week after taxes and he makes a little over 2300 a week after taxes. We are looking at homes in the nicer parts of Norfolk, which is VERY limited!!!! We we interested in buying a home last year and got pre-qualified and was told we we pre qualified for somewhere in the 180,000 range. But then I was working full time makeing about 1200 a week and he was making 2300.
For some reason he seems to think that we still qualify for 180,000 range and has been looking all over for homes in that range, but I don't think we do. I have done the mortgage calculators and it says we qualify for like 150,000... but that will get you nothing now a days.
We lost contact with the person who we got pre qualified with last year, and we met her through a friend that we lost contact with, so we are on our own and don't know what the hell to do first!!!! He seems to think that if we buy a home for 180,000 that our mortgage payment will only be around 900-1000 a month (30 yrs.) but I think he is sadly mistaken and any time I try to tell him this is causes a HUGE fight. There is no way that we are gouing to get a home for 180,000 and only pay 1000 a month for a mortgage... maybe I am wrong?
He thinks that the first time home buyers program will cover all closing costs and things like that, and also is planning to only put down like 5,000... and still only pay 1000 a month on a 180,000 mortgage note!!!!
What loan should I get that would have the best rate and one that will not require me to put a bunch of money down??? Who should I go through?
Sorry all!!! I meant a 700 a month and 2300 a month!
moreResolved Question: Are those online mortgage calculators accurate?
I am so ready to move out of my rental, and according to most of the online mortgage calculators I would qualify for a loan. How much difference does your credit score make? I have been making all payments on time for over 6 months and there are a few black marks set to come off my credit report in August. Also, how are student loans viewed, as I have some student loan debt?
I just checked out an online debt-to-income calculator and it says I have a 19%. This I know is correct as the figures are very straight-forward. This is a good sign, right?
Also, I have made an appointment with my bank's mortgage originator for tomorrow afternoon. I'm just very nervous about what I'll learn there and I'm hoping for some reassurance. So thanks!
moreResolved Question: Mortgage tax and insurance question...?
When you do mortgage calculators (I know their accuracy varies) and they say things like "you would be approved for a mortgage up to $200,000" (or whatever amount), does that mean you could get 200k including taxes and insurance, or just the loan itself?
So, say I qualify for a mortgage that equals 1,000 a month. Now obviously you have to factor in tax and insurance, how does the bank do that, do they say "sorry, with tax and ins you'll be over your allowed amount", or are they only concerned with mortgage?
I'm confused!!! lol
I'm just trying to figure this out. not only to keep my house hunting search within my means, but also to keep myself from getting into more than I can handle.
thanks!
I'm preapproved btw, approval is not my question... How tax and insurance factors in is.
lol.... thanks again!
moreVoting Question: How much can u afford calculator says im buying more than i can afford?
Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" calculators but im not sure its right. Here are the details.
Take home pay is 4,000 per month. (i pay taxes at end of the year usually less than 400$ for the year)
30 year fixed @ 4% interest (yeah pretty low, right?)
100% financed 95% First mortgage 5% silent second
Purchase price 219k
PITI & MI = $1,350 per month
no car payment
no credit card payment
no debt of any kind
I thought i was doing pretty good, but this website says the max i can afford is 180k even at that low interest rate. Strange because lender said i qualify for over 300k+ but I felt i didnt want to get over my head so i picked a less expensive place. What do you think?
moreResolved Question: I do qualify for a VA home loan, is it possible to get approved for a higher loan amount?
I have done those "mortgage calculators" , most of them say I can afford between 140,000 and 165,000...however the house Im looking at is 180,000. I was just wondering if it could be possible since it is a guaranteed loan to be approved for more....thanks!
moreResolved Question: Does it hurt you to not use a pre-qualification for a home?
I want to purchase a home but I am hesitant to apply for a mortgage because I dont know how much I can qualify for. If I couldnt qualify for more than $150,000.00 I wouldnt be interested in using the loan. Does this hurt your credit?
I havent found home affordability calculators to be very helpful they always give me a different number.
moreResolved Question: Why don't we qualify?
My husband and I are looking to buy a house. We took first time homebuyers classes, made out a budget for what we can afford, checked our credit scores, and paid down our only credit card by a couple thousand. We are both fresh out of college, so we have not started to pay our student loans, but we have figured into our budget what the payments will be. My husband got a really great job over six months ago, and that is the reason we are even looking. To get an idea of what our mortgage would be before we applied, we did a variety of mortgage calculators online and through the bank that we are applying through for our loan. We found out yesterday that we only qualify for $60,000, but all mortgage calculators and our budget tells us otherwise. We were thinking it would be closer to $80-$100,000. So what did we do wrong, and what do we do in the future. We have thought about asking my parents to cosign, but will that help that much,or do we need to pay our card off?(About $3000)
moreResolved Question: Combining Credit for Home Purchase?
Here's the situation. My boyfriend and I aren't married yet, but we are looking for houses together very soon. After doing some loan calculators online, we finally went to a mortgage lender and got pre-qualified. Alone - I qualify for $140,000. But that's not really enough for the market we are in and what we need for our families. We've been told he can be on the deed but not the loan. So here's the question, if we got married, what would happen to our combined credit scores? Would they combine them? Would it hurt me at that point? Our combined incomes would put us where we need to be but would the banks even care?
Thank you in advance for your help. This whole process can be so stressful!!!
moreResolved Question: 30 year mortgage or 40 year mortgage with extra principal payments?
I will be soon in the market to buy my first house in the next 6 months. I can either try for a 30 year mortgage for 6% or a 40 year one for 7%. My wife and I are newly out of college and are looking for a house that is about $350,000 in our area in CA. Right now according to calculators, we qualify for a house that costs $240,000. Problem is that even crack houses cost more than that!
So I see that most of the first few years of payments go towards interest so after 5 years, if I decide to move, I won't really have that much equity built up.
Let's say that by going to the 40 year mortgage, I am able to save $100 a month on my payment. If I kept applying that $100 monthly savings towards principal, will I build equity quicker?
It will also be tougher for us making payments now but in a few years when our careers advance, things will get better.
Good idea? Any calculator anyone recommends?
-I am trying for my CPA and my wife recently finished grad school and started working.
-I am not worried about foreclosure risks because in 3 years we should be making great money
-I am not considering moving in 5 years but because we are in the early part of our careers, there is a possibility that we need to move because of a great opportunity.
Robert, I have no idea what you wrote
moreVoting Question: how do people qualify for a $600,000. home loan?
I am looking into buying my first home. The med. price for a home in my areae is $600000. When I use the mortgage calculators available on line, I can only qualify for a $195,000. home loan.( can you buy anything for that price?) I make $90,000.00 a year. I don't understand how anyone can qualify for mortgage with the standards they use. I
moreResolved Question: mortgage pre-approval?
My husband and I are beginning the process of buying our first home. We'll be setting up an appt. soon for a pre-approval to then begin looking at houses. I know that typically lenders approve for more than it is advised to borrow and I'm wondering if anyone can give me a good formula for about how much we'll qualify for vs. how much we should ideally not exceed - I've tried online calculators but they are all so different! We make 85000/year and have 700/month in debt. Also - since pre-approvals expire, if we don't find a house within the time frame given will we have to get pre-approved again? Thanks for your help!
moreResolved Question: I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?
My boy friend and I were quoted for a mortgage awhile ago that we would be able to do about 150 to 180K ,not too bad. But when I did a mortgage calculator online it only came out with the 35K total. We make more than some people we know and they own own homes. What did I do wrong? I just can't believe that we would not be able to be qualified for a mortgage amount that is at least reasonable and would get us something nice and not a condo or townhome. Even though that is what everyone is telling us to buy. Please some one restore my faith or will we never be able to have a home of our own.
moreResolved Question: Tips for buying first home any advice?
We are looking into buying our first home. We are working with a mortgage company. Should we apply for more than one? How do we know we are getting the best rates? Should we go ahead and buy without a down payment? We just finished college and are looking ot moving closer to where we are going to be working...it looks like we qualify for a loan, but are unsure how much we can afford. According to the calculators that many of the sites have we can't afford as much as many of the houses are going for...but we are very good with our money and I think we can pay out 1/3 of our income if not more...any thoughts, thanks.
moreResolved Question: Payoff is being requested on a note that I hold. Payments have been missed by the debtor, how do I calculate?
I sold my home and hold a note on the home (The buyer needed help to qualify for the loan so I hold a 48 month $10,000 note.) Payments have been missed, about 6, some have been doubled. Overall about 5 payments are past due. I have the information in a microsoft works spread sheet. Is there a calculator on ine that I can use, or formula to plug into the works spread sheet to give a mortgage company a payoff... I guess the debtor is consildating loans. Thanks Purely Guessing.
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