2007-02-04 04:37:51 · 3 answers · asked by florin b 1 in Business & Finance ➔ Renting & Real Estate
All loans are based on your ability to repay ,
Which they determine by the ratio of your current debt to income.
Go to your bank and tell them you are starting to look at buying a home, and you need a pre-qualification letter.
The bank will do the calculations with your debt / income and tell you what you can afford (they will loan for).
Then you go shopping for a place !
If you have savings, use that for down payment so you can avoid paying PMI (private mortgage insurance).
Too low or no down & they charge PMI.
2007-02-04 04:45:31 · answer #1 · answered by kate 7 · 0⤊ 0⤋
You need to find the right mortgage loan officer. We recommend Hamlin Mortgage. Take 30 seconds and fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and we will have a loan officer who can say yes contact you.
2007-02-05 01:56:53 · answer #2 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
that is plenty to buy a small property, assuming you have some type of rental or mortgage history, and decent credit. If you are in MD, PA, VA, DE, or DC-- i work for a lender for this district:) feel free to shoot me questions at babalooie21204@yahoo.com
2007-02-04 04:43:32 · answer #3 · answered by babalooie21204 2 · 0⤊ 0⤋