Question by midnightrose: I have all the info I need, about it side effects but I need someone to help me calculate my payments before I sign my offer…?
My mortgage guy is out of town for Easter and I need to check what the payments would be for the counteroffer ….
We are doing an FHA (b/c of our scores, diagnosis it is the only option) taxes in our county are .4% Whatever the market FHA is, the offer is 170K with 3% downpayment assistance, and a 6% concession to be used for buying down the rate 4 points (or 1%) and then what’s left is for closing. I am curious what our payment will be approx, including PMI, P&I, and H/O ins. & taxes escrowed… I live in Fort Mill, SC. Would like to know payment and possibly what our leftover closing cost “might” be…..
Best answer:
Answer by Shana B
Try this mortgage calculator…
http://www.mortgage-calc.com/mortgage/simple.php
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Question by kateward23: I have an ARM with a penalty phase getting ready to end. Where do I start to refinance?
I know that everytime my credit is checked, link it is a hard hit on my credit. I want to shop around for the best rate, information pills but want to do so in a way that will not be detrimental to me.
Best answer:
Answer by Searchlight Crusade
Actually, if you limit it to mortgage inquiries, all inquiries within 14 days count as one. Act of Congress several years ago, put through by National Association of Mortgage Brokers. Yes, it helps them, but it *really* helps you by enabling you to shop for a loan as much as you might shop for a toaster oven.
Have good long conversations with at least half a dozen prospective loan providers. If you get a good one, brokers will beat direct lenders every time, because when you talk to a broker, you’re automatically shopping a lot of lenders. Brokers get better prices than a lender’s own loan officers in most cases, because 1) the lender isn’t paying their overhead, and 2) from the moment you walk in the door, most direct lenders consider you their captive. Broker clients are *never* captives.
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Question by d0nkeypunch4u: Which is better? Conventional Mortgage, click FHA Loan Or a VA Home Loan?
Not sure which is better. I have close to a 700 credit score, buy information pills about 25k for a down payment. Looking for a condo in NY. Any suggestions?
Best answer:
Answer by Searchlight Crusade
What price condo in New York?
If you qualify for an A paper conventional loan, viagra 100mg especially conforming, those are the very best rate/cost tradeoffs. Always.
VA and FHA are good for low to zero down payments, or marginal to poor credit, but have an absolute limit of $ 417,000 (conforming loan limit). If you’ve got a $ 25k down payment on a $ 600k condo right now, you’re SOL as far as VA and FHA go.
I can’t think of a situation where FHA beats VA. VA has no financing insurance requirement, and can even roll up to 3% closing costs in, if you need to.
If that condo is anything up to $ 250k (10% down), you’re likely to get a better loan conventional. If it’s over (but you can still afford the loan), A VA is likely to prove the best alternative.
And bless you for serving!
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Question by Nicole: Is it possible to get a mortgage with a high debt to income ratio?
I am a first time buyer and my loan officer is having a hard time finding a lender that will accept my DTI. I have a $ 330 car payment and like $ 6k in student loans. If i did the calculations right, rx then my DTI is 48%. With a DTI at 48%, is there even a chance that I can be approved?? I am getting a 203k FHA loan for the house that is $ 100k.
Best answer:
Answer by Trevor M
I don’t think so, but why don’t you go talk to some lenders, find a mortgage agent you like and talk about a plan to get you on track. Then when you are in a better position you’ll have a person who knows you ready to go.
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May I just add this small point. The reason we, the country that is, and the western world,is in such a terrible financial situation, is because the banks were lending money to folks in your position. If the bank lent you the money to buy a property and took your mortgage, how could they possible get their money back if you lost your job.At the moment the country is strapped for cash because the money that was being lent out, was not our money but the Chinese and the oil producing countries. They swamped our country with their excess funds and the only thing the banks could do was invest it in taking peoples mortgages for real estate.When they stopped buying our government bonds, then the supply of money ran out and that is why we are in the position we are today. O.K so an economist will come on and, quite rightly, say that my answer is a very simplistic one, but never the less there is a modicum of truth to it. I think you will have to wait a little while longer before you can get a lender to take your mortgage, but do not be tempted or get talked into borrowing from a back street lender, that is a recipe for disaster. It will happen one day be patient, and good luck
The reason the loan officer is having trouble finding a lender is that you already have too much debt and can’t afford to buy a house now. By your own calculations, almost half of your income is paying debt. Add a mortgage paymnet to that and you won’t hav enough money to pay for utilities and food.
Every loan program has their own DTI range the borrower must fall into. There is no way around this anymore. In the old days there was a way around this but the majority of those borrowers have lost their properties to foreclosure. Now a days banks simply don’t allow you to borrow more money than you can afford to repay and still pay off your present creditors and Uncle Sam. FYI when you figure your DTI you don’t include rent and utilities, just the minimum payments of the creditors you owe over time. Yahoo has a great calculator to help you figure this out. Good Luck
You are already at 48%? Or you will be if you get the loan? I just did a 51% dti loan but the borrower has alot of disposable income (income left over even though he is high dti). If you are already at 48% then there is no way. 41% is usually the highest we like to see unless there are extenuating circumstances such as I said above
I’m going to say that it’s very very doubtful. If your car payment + student loan payments are 48% of your income, then you are probably not making enough to qualify for 100k to begin with. Your student loan payments can’t be much over $ 100/month, which means you’re debt is only $ 430/month. If that’s half of your income, that means you are making $ 860/month. If you pay 30% in taxes, that means you make about $ 1250/month or $ 15,000/year.
At $ 15k a year, you are never going to qualify for a $ 100k loan. You need to be making $ 33k a year to qualify, and have a MUCH lower DTI.
Perhaps you haven’t included all your debts here, so my numbers are way off. But with what you provided, you should just stop looking until you can save up $ 50k or $ 60k.
You’ve seen all the answers that say you can’t get a loan with too high of a debt-to-income and they are right. You might not be calculating it correctly.
Income is MONTHLY GROSS income. If you earn $ 60,000 per year, your monthly gross income is $ 5000. Your debt is your monthly payments on your debt. You have a $ 330 car payment. Your student loans might be $ 6,000, but what are they per month? Another $ 100? $ 300? Items that aren’t debt don’t count. Cable bill, cell phone bill, etc., don’t count. Credit card minimum payments count (but not the total balance).
Debt/Income is your debt to income ratio (what a shock, huh?). So, if you had $ 500 in payments in a month with $ 5000 in gross monthly income, your debt to income is 10%. Generally, conservative banks will use the 28/36 rule. No more than 28% of your income towards the housing payment (that includes principal, interest, taxes and insurance[s]) and no more than 36% of your income towards all debt payment (including the mortgage).
good luck!