He’s some sort of uber finance ninja guy. I haven’t yet sorted out what exactly his background is. By that I mean I haven’t asked him. I try to keep our face-to-face conversation limited to “pass me a beer?”
For example, this is his masterpiece:
http://nyspeed.com/forums/showthread.php?t=42786
my credit score was 510 when i got my loan …
even now it’s only like 530
I have a friend with a >720 score, who makes over $140k/yr repeatedly get rejected for a $3XX,XXX loan recently.
Scores are good, loans are tough these days.
That 400 billion the federal reserve just loaned out should be helping with that.
But yeah, there was a while when even people with excellent credit and debt to income were having problems with loans depending on the local housing market. Some banks saw that the houses were probably still considerably overvalued and simply didn’t want to assume a mortgage on a 300k house that might be worth 220k a month later.
And Nikuk used to be loan officer I believe.
well I would be looking for a house under 100k so I shouldn’t run into those problems. Honestly I would like to get a monthly payment for around $600. I figure that is pretty managable for my income.
me and my gf just got our house at 175k with ~ 100k combined income and both ~ 735 Credit scores (no negatives, just relativly short credit history for us )
100k loan amount 30yr @ 6.25 will net you a P&I pmt of $615. Loan amount does not equal purchase price.
…and Don’t forget escrow for taxs, insurance, and possibly PMI.
Not counting PMI, you should be making at LEAST $2050 / mo to comfortably get final approval on that.
It seems that I cannot say it enough… FIRST TIME HOMEBUYER PROGRAM can be your best friend
I stayed at a holiday inn express last night.
I told you D, we really need to get you refi’d before…
My house purchase price was 86500, I have a FHA 30yr at 6% with a 6% seller concession so my loan amount was 91960. To the bank at closing I paid 235 and to my attorney 400.
When my credit was pulled I had craptuclar score of 619 mid score due to my having some lates and a stupid nyseg collection up there cause nyseg fucked up and lied to me (still need to try get that removed)
My one suggestion is work with a broker… Alan Koeppel at Premium Mortgage on Main st in williamsville seriously great guy and helped me a bunch.
debt : income
Having a score > 700 doesn’t mean he isn’t already 300k in debt