i insurance. Interest rate factor for 30yrs loan @ 8% is 7.34 per thousand. What will my monthly payments be?I make 33,000. I have a car 275.00 mo. 3yrs. left to pay. 35 for other bills. Do I qualify under 28/36 ratios? If I cannot qualify for standard loan Would I qualify for an affordable loan with higher ratios? If not what other solutions can you give?
2007-03-22 06:08:11 · 2 answers · asked by acjeka 1 in Business & Finance ➔ Renting & Real Estate
If you have $5000 to put down, why is your rate so high? If you aren't getting the best approval for conventional financing, which would give you a rate in the low 6's, you should try to get an FHA loan, which would also be in the 6's, instead of 8%.
The old 28/36 ratios are rarely followed anymore. It's not uncommon to be approved for debt ratios as high as 50% of your gross monthly income.
Your total mortgage payment, including taxes, insurance, mortgage insurance, and assuming a 6.5% rate, shouldn't be any more than $700/mo. You make about $2750/mo, so that's only 25.5% of your gross income. 36.7% including your other debts.
If I were you, I'd look up the housing finance agency for your state, and contact them for information about first-time buyer programs you might qualify for, including grants, subsidized interest rates, downpayment/closing cost assistance, etc... Get referrals to lenders that work on those programs with the housing agency. You'll probably save a ton of money.
But your debt ratios are just fine. Better than many nowadays, actually.
2007-03-22 06:21:00 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Go to http://www.mortgage-net.com (I'm unaffiliated with the site) They have a number of calculators to figure out payments and affordability.
2007-03-22 06:12:21 · answer #2 · answered by John T 6 · 0⤊ 0⤋