Will the loan companies make exceptions if I have excellent credit?
2007-02-16 09:32:52 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Have you found a home yet?
If you've found a home and are purchasing it under it's appraised value, they should let you up your financing amount.
If you have additional money to put down that would help too.
Pre-approval is just a starting place. That amount isn't set in stone. It is just a number to help you figure out roughly how much of a home you should be looking for.
Good luck.
2007-02-16 09:42:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Listen to Frankie B. He is the only poster besides me who knows what he is talking about. Only spend 3 times what you make annually on a home. So if they approved you for $100,000, then you probably make $33,000 or so. Whatever you do, do not get a toxic loan (i.e. pick a payment, interest only, adjustable rate, etc.).
Just as an FYI, you need to do some serious research on prices in your area, because all over the news it is being reported that prices are dropping. So if you wait another 12 months, you may get the home you want that is now selling for $120,000 for only $85,000. You lose nothing by waiting, but if you buy too high, you lose your equity right off the bat. The only people who are going to advise you to buy right now are: seller, real estate agent, loan officer (and they are all not selling anything right now and they need to eat - off your money).
Good luck.
2007-02-17 02:25:33 · answer #2 · answered by Chrisusc 2 · 0⤊ 0⤋
If you have excellent credit the banks will give you anything you want. The question is can you afford it? I would stick with the 100k and avoid foreclosure like the rest of America who purchased homes based on credit, not income. Credit doesn't pay the mortgage, income does, and that's why the loan should be based off income more than credit. Used to be that way.
Good luck,
RE Agent,
Remax
2007-02-16 18:39:47 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
If you're only pre-approved for $100,000 you'll need to come up with $20,000 to buy the house.
Most loan company will not increase your loan because you're only pre-approved for what your income can support.
El
2007-02-16 18:57:00 · answer #4 · answered by El_Nimo 3 · 0⤊ 1⤋
Credit score is the magic answer, 680+ means they'll give you anything you want more or less. If that's the case, your choices are no doc, no ratio, NINA, stated. All carry higher interest rates. Sounds like they are running you full doc.
2007-02-16 17:51:04 · answer #5 · answered by tiny_dog10 2 · 0⤊ 0⤋
Have your Realtor show you homes where the Seller may consider holding a second mortgage.
2007-02-16 21:16:54 · answer #6 · answered by Venita Peyton 6 · 0⤊ 0⤋
Got $20,000 cash?
2007-02-16 18:00:39 · answer #7 · answered by Alterfemego 7 · 0⤊ 0⤋