Trying to get Mortgage?

Question

I have a Fico score of 995
$80,000 salary before bonus
about $1300 a month in car payments and credit cards
Only have about $5,000 in savings

A) Will I be able to get a Mortgage on a house around $200K?
B) And without money to put down would I qualify for an 80/20 loan?

Sorry meant 695

ATTENTION: The FICO is actually 695 not 995.

And to those saying I shouldn't have listed personal info I ask, What personal info have I disclosed?

Answer 1

Those that barked at you about personal info are quacks. Others are spamming for your business. There are a few things you will need to prepare for however. Your credit score will qualify you for an 80/20. Your seasoned reserves are also good. Your income to debt ratio will be just fine and it gives you room to purchase at a fixed rate a home of more value than 200K. The fact you are looking in a more affordable price range is admirable and shows responsibility.
Here's your issue to prepare for; Your salary and debts suggest poor spending habits as referenced by your savings. The underwriters are going to flag your profile and ask for a letter of explanation. This won't kill your loan or cost you a higher interest rate even if a broker tries to use it for a higher rate. Without asking you to put something on the Internet that actually is personal I would recommend that you prepare for answering that question and your loan should close fast and smoothly. It could be that you just paid off some huge student loans or some other major expenses. Anything else I could recommend here is already in Skips answer.

Answer 2

You should not have a problem getting a 100% mortgage even if it is one or the combination 80/20.

Lender's are now looking for credit scores around 700 now with the guidelines tightening up but you have compensating factors of more than 3 months of verifiable Principal, Interest Taxes,and Insurance in your back account with the $5K.

Now if you are speaking of a true no money out of pocket, before you sign the sales contract to purchase the house make sure that it includes that the seller will pay 6% of the closing cost.

If the agent balk at this act as if this could be a deal killer, but be prepared to negotiate if conflict arise. You can always say you will consider their offer. Take it home with you. Bring it back and tell them the deal has to be the 6% and see if they make a counter offer. If their counter offer is 4% then counter with 5%. You can always go back to 4%.

Now you need to contact a mortgage broker, complete the loan application so he can run a credit check and verify your credit score.

He will need lots of information and documentation. I will get you started.

#1 One month of pay stubs

#2 Two years of federal income taxes with W-2

#3 Six months of bank statements from the banks you currently use as well as any statements you have from your 401K program at your job.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

You shouldn't put info like that on this service. There are many scammers out there.

You should go to your local bank and ask a loan officer. Shop around from bank to bank and ask a few local but established mortgage companies.

I have quite a bit of experience in this line of work and depending on how long you have been at your job, and how much you are in debit, I would say yes to a $200 k if I liked the answers.

Expect a higher interest rate with no down by the way.

Answer 4

I don't know that a Fico score of 995 exists, but if it does, good for you.

You don't mention what your monthly rent is so it's not possible to determine your debt to income ratio completely with these figures.

You can get an 80/20 if you'd like but you most likely will be offered 100% financing...unless there are some skeletons that you're not aware of.

Answer 5

With the info you've given, you should be able to qualify for an 80/20 with a total monthly housing cost around $2,000. That includes principal, interest, taxes and insurance.

How much that will equate to in terms of purchase price will depend on the area of the country you live in. I'm in Illinois, in the Chicago area. For $2,000 a month, you could probably afford a purchase price of around $240,000.

Talk to a local mortgage broker and they can get more specific for your particular situation. If you are in the Chicago area, feel free to email me at [e-mail].

Good luck buying your home!

Answer 6

Michael, why are you telling the world your personal information? This should be information shared only with a loan officer and/or realtor to purchase a home. This isn't a smart move on your part.

As your representative, I would have advised against doing this. If you want to speak with a loan officer, you can try Alpine Capital Mortgage- Chris Preston -Call LOAN ANALYSIS at 888-ALPINE3 - (888-257-4633) and see how we can help you make the right choice and help you move forward, or Premier Lending Group - Sean Guillen - 206 274 4000.

I hope this helps~!

Answer 7

Yes you can get a mortgage. You will need the seller to pay for your non-recurring costs. You should have around 5-10k in the bank after the sale however some banks will not hold you to that. Should not be a problem for a good mortgage broker. Most banks are not good for 100% try your local referred mortgage broker.

Answer 8

My software can t be activated, so I can t use it. Despite many emails sent to Mortgage Watchdog there is no response, no help whatsoever. I have referred this matter to Queensland s Fair Trading Office but they are unable to get any response either. This is definitely a scam. Don t give them any money. If you purchase the software and encounter any problems there is no help. Leaving messages on their answering machine is pointless.

Answer 9

A) Talk to a mortgage broker about the total cost. (Remember they are not your friend.) Compare (average) your money saved at the end of each month plus your rent to see how much you can spend on a mortgage.
If not ready go cheaper and/or save, save, save.

B) Yes.

Answer 10

FICO scores don't go that high

You'll probably be OK ;)