I'm first time home buyers with no downpayment. My credit scores is 733?

Question

I'm From NYC
I Make 40,500 every years . I pay 1028.00 every month in bills my brother make bet 30,000 and 40,000 but have bad credit and my mother she have one new job but make lest that 30,000. she pay about 900 in bills. every month
do i have Qualification to get pre-approved to buy 1, 2 or 3 family house.
i How to get pre-approved and find the right program to suit my needs

Answer 1

you should have no problem getting approved with your credit scores.
call a mortgage company in your area and tell them you want a "stated income" loan...
your credit score is high enough that you can get a house with no down payment and just "state" your income without proving it. you can state your income plus your brothers if he will be living with you!

good luck!

Answer 2

The big thing is HOW MUCH debt are we talking? Are you talking about 80+% debt to available credit ratio? Lots of lates/chargeoffs? I'm just trying to figure out why the score is 500. There are ways of getting this up 50-100+points in a matter of months, thereby qualifying you for some decent rates. The last thing you want to do is have "a lot of debt" and take on another debt at a high interest rate If you're near 80%, then you have two things you can do. A: Pay off the highest interest rates first, and B: Pay off the card with the highest balance to available credit ratios. Getting each individual card under 50% is good, under 30% is ideal. Reducing the %age of debt to credit will help the score. Paying off the higher interest debt will help the pocket (And the score, but not as much) A little description of the debt might help. If not, then hopefully my advice above will help.

Answer 3

Hi,
Your expenses are too high relative to your income. Add up all your monthly debt and dived by your Monthly income. Keep in mind that you want to include your new Mortgage payment Your DTIR(debt to income ratio) needs to be under 45%. There is 100% loans out there, you'll get one loan for 80% of the homevalue and another small loan at 20%. you may not get the best rate because you arent putting money down. Do you have earnest money? to show as reserves. Like a 401k or investment or even money put away in a bank account tat can show at lease 3 months of payments in your home? Sellers want to see that you are a serious buyer.Do you know how much house you can afford? if you have any questions let me know. email me if you need any more advice. Good luck! Tambien hablo espanol si necesitas ayuda con tu situacion.


Well like the girl below me said, you can go Stated. But when you are a first time homebuyer you need to have a good Debt to income ratio. Banks' guidlelines are getting tighter so a lot of them still want to see what you make to support the debt you will have. The last thing you need is a lien in your credit that you wont be able to pay it. But yes go get a pre approval, if you need help on how to go about it email me at the address below.

Mortgage Consultant
[e-mail]

Answer 4

You have an excellent credit score but are paying out alot in credit debit that might go against you when trying to buy a house. Try to get preappoved and see what they tell you. This way you will know what you are up against. It is better to be debt free when purchasing a house. Your debt ratio may be to high to buy right now. Maybe for the next year you ought to work on paying off all your debts before trying to buy a house.
Good Luck.

Answer 5

We can consolidate your debts into a mortgage.