Looking to purchase a condo in Maryland (PG County) I work at Home Depot, about 30k/yr. I feel discouraged about this. It seems that I'll never be able to afford a home. I haven't spoken with any lenders yet though - so I'm not sure what dollar amount I'd qualify for.
2007-02-16 15:05:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You'll be able to get a loan for about 75,000 if your credit is good and you have no other debt. So add that to whatever you have saved for a down payment to see how much of a house you can afford.
2007-02-16 15:09:53 · answer #1 · answered by Vegan 7 · 1⤊ 0⤋
Let's stop dallying and get to a mortgatge broker. Stop wondering find out for sure, Cost FREE.
All banks just about offer the same products and loan programs with the different qualifications in each of their programs.
Your interest rate is based on your credit score and how well you have paid your consumer debt over time.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home.
In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
I this has been of some use to you, good luck
"FIGHT ON"
2007-02-16 19:55:40 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
I stay in Bernard Law Montgomery County, no longer a techniques from PG. the value of residing varies finding on the place you reside. PG is a very diverse county. It has it pluses and minuses of direction, and a few aspects like in any massive city (Washington DC suburb) would be risky. they are "rebuilding" PG county. A ton of facelifts occurring. working example, to stay in an honest section, close to metro, procuring, and so on., you're able to devise on a gross sales of $40-50K to be delicate and have a sensible lease. unsure in case you're paying for, if so, a private loan greater or less of 1600 consistent with month could get you a staggering domicile. in case you're sharing a house, $500-800 consistent with month, which contain utilities. Baltimore is with reference to an identical, in value and in staggering/undesirable aspects. Baltimore would in all probability be a haul for traveling DC greater so than PG county, look into Annapolis, Anne Arundel counties additionally, close to the Bay, captivating section.
2016-11-23 14:19:09 · answer #3 · answered by ? 4 · 0⤊ 0⤋