In this market will a bank approve me for a 200,000 home?

Question

Hi I am 30 with 54,000income and no credit debt or any debt to that matter.I have FICO of 786 and want to buy in Maryland a 200,000 home.I have about 13,000 down to the loan payment what is the chances I will be approved?

Answer 1

you don't have enough down with only 13000.  most banks in today's market want 10 percent.  you need to figure your payment.  it should be one weeks pay approximately 25 percent of your monthly income.  anyone who goes over that is asking for trouble.  the interest rate on variable rate mortgage is lower but the payments change when the interest rate increases.  with a fixed rate mortgage, the payments remain the same throughout the life of the loan.  when buying a home, you also need extra money put aside for emergencies.  they will come up from time to time.  ie: plumbing problems, roof problems etc. good luck try to find a cheaper house.

Answer 2

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Answer 3

If you can't get a loan, then nobody can. Your only possible weakness is your down payment which is probably not going to be an issue with your income and high credit score. If you had enough for a 20% down payment then you would have no worries at all.  

Answer 4

You might be able to get an FHA loan with 3% down.  Still your debt-to-income may be a bit on the high side.

Is it a condo?  If so, then the lender will include the condo fees in your expense ratios, raising your housing-to-income costs even higher.  And because it's Maryland they kill you on property taxes.

If you don't get an FHA loan you might try an 80/15/5 loan where you would need 10k down.  Don't forget about closing costs (which you may get the seller to pay for you) but greedy Maryland, closing costs are VERY high.