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90K income, can I afford a 349K home?

Credit score of 640. All of our cars are paid off. The property tax range around 5k-6k with no HOA fees. by timmyv896805 from Lincolnwood, Illinois. May 24th 2017 Reply


Michael Ruffalo (mruffalo)
#84 ranked lender in Illinois - 5 contributions

What type of down payment are you looking at?

May 24th 2017
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Yes you can! I can get you the lawn on our portfolio product please call me 630-687-5800

May 24th 2017
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Hi Timmy, yes this is very do-able. Your cheapest and best bet will likely be an FHA 30-year fixed loan; however would need to know information about your credit profile and current income in order to fully determine your eligibility and best best financing option. I work on one the best lending teams in the Northern Illinois region and am more than happy to assist you with your home financing. Feel free to call me at (847) 849-7509 to discuss your situation further.

May 24th 2017
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Sara Deere (SARAinMO)
#39 ranked lender in Kansas - 486 contributions

Yes though more information is needed, you should be able to have several different loan program options. I can be reached at 816-739-6279, or you can directly apply at my website (www.saradeere.leader1.com).

May 24th 2017
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Richard Lurie (rll60035@gmail.com)
#126 ranked lender in Illinois - 2 contributions

You would easily qualify...we offer the lowest rates and have 1st time homebuyer programs that could help you...Please call me at 224-763-8546...richard, Forum Mortgage

May 24th 2017
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Richard Lurie (rll60035@gmail.com)
#126 ranked lender in Illinois - 2 contributions

You would easily qualify! We offer the lowest rates and have special 1st time homebuyer programs if that fits your situation. Please call me for a quote. 224-763-8546. Richard, Forum Mortgage

May 24th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

More info needed.. When determining eligibility, we have to look at the complete loan profile, not just bit's and pieces.. First, a 640 credit score is acceptable if it's the lowest MID score of all borrowers (lenders look at all 3 major bureaus on all borrowers and use the lowest mid score to determine loan pricing), but also, why is the score so low, BK? Charge offs? Foreclosure or Short sale? unpaid taxes or student loans? you could have a 750 credit score, yet with one of these deficiencies, you still might be denied. and having no car payment is fine,, but what about other debt? Credit cards? Personal Loans? Student Loans (even if differed)? Alimony or Child Support? etc.. What about your income? How are you paid? Salary? Hourly? Commissions? Bonus income? Self Employed? Many factors can change how much if any of your income can be considered.. What about property type? Single family home? condo or townhouse? Duplex, or other multi housing? Each of these property types have different terms.. What about down payment? 3%, 5%, 10%, 20%?? the more you put down, the more you can afford and the lower the rate goes.. Again.. much more info needed to advise you properly. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 24th 2017
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Jason Robinson (CFIsupport)
#58 ranked lender in Georgia - 106 contributions

If your debt to income ratio is in line sure!

May 25th 2017
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