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How much will I be able to lend?

I want to buy a condo . My income level is 75k. I have a car loan in the amount of $350, college loan payment of $120 and a fico score of 623. I have about 15k saved. What are my options? by ajones_951_777 from Dallas, Texas. Aug 31st 2011 Reply


Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#1 ranked lender in Texas - 135 contributions

With your FICO the best option would be FHA with 3.5% down. However Conventional with 5% down May be an option. Your options are based on the limited info you providedFHA - Max Price ~ $280k = Down Payment of $9,800 + Taxes, Insurance & Closing not covered by sellerConv - Mas Price ~ 270k = Down Payment of $13,500 + Taxes, Insurance & Closing not covered by sellerSincerely,Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach"Educating you to make the right financial choices for your family today and tomorrow" Direct: (936) 228-1944 Fax: (832) 217-3033Learn about me and connect at HenryJDaniels.comBlog: WoodlandsMortgageBank.comWhat is "Servant Leadership?" - Proverbs 11:25 & Proverbs 3:27 Connect with me at:Text "CoachHenry" to 50500 to get my eCardText "follow TexasRealLoans" to 40404 for Lending updates via SMSText me Direct at (936) 228-1944Home Loans provided by Premier Nationwide Lending NMLS #75333Henry J Daniels - NMLS #209419 Insurance Provided by Henry Daniels Broker TDI 1253780

Aug 31st 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

Based on your credit score FHA or Rural Development are probably going to be the best options based on the interest rate. But you really should get pre-qualified with a broker before you start the Condo hunt. Condos are treated differently by mortgage lenders than other residential properties. There are limits to how much you are able to borrow based on the complex's approval status with FHA / HUD / Fannie Mae or Freddie Mac. A good broker will go over all of your options and make sure you're looking in the right complexes to get the maximum financing to suit your needs. A townhome may end up being an easier purchase in the long run because they don't have the same approval requirements as condos.

Aug 31st 2011
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,042 contributions

A. Jones, Good afternoon. Henry did not go into too much detail as it is hard here, but the max FHA loan for Dallas County is $271,050. To go to a higher amount you would be looking conventional or VA if you were a veteran on a condo. Now the condo also has to be approved by HUD. It is almost impossible to find lenders who do spot approvals on FHA now. Next you have enough money to possibly make your credit score higher to get Conventional financing and avoid the Upfront Mortgage Insurance and high monthly rates the FHA currently levies. I am in Lewisville and would love to meet to talk more. Brad Cahoone -NMLS-184176 bcahoone@globalhomefinance.com - 972-724-3222 x227 - globalhomefinance.com - Global Home Finance NMLS #316441

Sep 14th 2011
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