Answers
What is the best mortgage rate that I can find with a score of 773,746,698?
I live in the bay area, California . i only make 37000 a year stated income. Is the internet a good place to look for rates or should i go with a local loan officer?. thanks for any help
Best Answer:
Your credit is outstanding and would not have a problem getting qualified but my concern is how are you going to pay your mortgage. A mortgage payment for an average priced home in California is going to be about your monthly income as it is. I would recommend a condo or town home but even then your looking at $2000 a month mortgage payments. My opinion is to not buy but rather rent as if that is your only income I don't feel that it would be in your best interest to buy a home. I would be more than happy to help you but I just wouldn't feel comfortable with the process under those conditions. If you have any questions please feel free to email me tadgeman@yahoo.com.
Answers:
With those scores you should just have your loan submitted as "fast & easy" with any Fannie Mae lender. Fast & Easy will get you full income documentation pricing. Loan to value will play a part in whether or not you can qualify for fast & easy.
http://www.lendermark.com
Hi ruben,
A 746 mid is what a lender will use. Your score is pretty good, however your income is a little light for your area.
The first thing that jumps out at me is that you are using the word "stated". Typically a stated loan is used for self employed, investors or someone willing to take a higher rate because of some other employment issue.
However an underwriter will pull up what the average wage or salary is for your particular position. Are you in an employment position that supports 37K reasonably?
Bottom line; find at least three local mortgage Brokers in your area and tell them your situation.
Good Luck,
~Trey
you would probably get "a real good rate", on a half million loan.. making 37K , oh yeah, they'll do it. how bout 1500 a month, for 600 months. interest only!
FHA rates are set nationally and regionally and all FHA lenders in your area will quote the same rate. You need to go to your favorite bank and see the mortgage officer. Ask for pre-approval status, that means that all you need is a homeand they tell you the price range to look for. I usually recommend this for first timers or buyers who may be otherwise marginal. FHA may not do a stated income, but hey do you have 2 yrs tax returns showing your income history?
FHA loans require 3% down, seller can pay all closing and prepaid costs, you need 2 yrs on the job or a job using your college degree counts as time on the job. Debt ratio is 29% of your gross is the projected max payment that you can afford and 39% is the total out-go including the payment, credit cards, car, boat, child care etc that you can afford. The greater the debt the lower the price home you qualify for. There may also be special programs available in your area that will give you assistance with rates, down payment or some fashion worth looking at.
Any debt that will be paid in full under 9 months is not counted against you for FHA. You also can not have any late payments in the previous 12 months, no unpaid deliquent bills. A bankruptcy needs to be 2 yrs discharged and you may use a cell phone, telephone, gas, electric, etc bills to re-establish credit but make sure that you are not late or it will hurt you.
My experience with internet lenders is they will soak you with fees. My son just got a loan with a well known lender and I had to run interference or there were about to charge points and a ton of un-necessary fees that would pad the lender originators bottom line but do absolutely nothing for the loans approval.
I'm happy tp refer you to a local broker who will take your best interest to heart and assist your with the process. You need a pro to look after your interests and since you are deemed to pay a price that includes a real estate agent commission why not have the representation? It cost no extra, but to not have your own broker can cost you a lot more. They'll take you thru all I have outlined herein but in more detail and help with questions you are unsure of.
Mid score of 746 will give you A+ rate or going rate at the time. Right now a 30 year fix with A+ is around 6.25 as of this am. Yet problem is you have to qualify for this. Thats the catch. 2 years employment, 3 months of reserves of PITI in bank. PITI is your monthly payment X 3 seasoned in your bank for over 60 days. Yeah its get complicated. So from here you can determine hit's to rate. .25 for being a First time home buyer. .25 for wanting interest only. and it could go on that buy the time you finanlize it all you end up with around 6.75 interest rate. Still good but when you tell someone this explain to them reason why. So unless you can find a home in the bay area going for 150-220max you can afford a home. Problem I dont know of any. You could try condo's and mobile homes if you want to live in the bay area. Yet, with foreclosure getting big you may wait out and see what you can get.
Contact me if you need help.