Buying a house

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MoreThai22 -
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MoreThai22 -
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MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

I’m in Nj. Only loans is my car. No student debt, not married, no kids, no alimony and other stuff loans no military. Car payment is 550 a month, credit card about 200 a month, yearly income 70k and credit score around 750. I have been with my company for 5 years. 

First off NJ sucks, you should move to Florida. Second off, you will want to do conventional loan. Your debt ratio only allows up to a $2,100 mortgage. You want to be under 50% Debt to Income ratio to qualify.

If it helps I was going to put close to 40% down. Sadly moving out from NJ is a bit of a problem. I could look to see if I could get hired at a Florida facility but why move to Florida...it is Florida we are talking about. Every time one of these threads pop up someone says “save 100k”...

Well that’s a solid ass down payment. You will have no issues qualifying. I would tell your realtor “Hey, this is the area I’m looking to live. These are my guidelines. Get to work”

MoreThai22 -
PenAndPaper -
MoreThai22 -
PenAndPaper -
MoreThai22 -
PenAndPaper -
MoreThai22 -

Apply for a loan first and foremost. No respectable realtor will waste their time without a preapproval. They will look at two things mainly for qualification purposes.

1. DTI Debt to Income Ratio. Different loan programs have different guidelines.

2. Credit score. 580 is the magic number for FHA, however, I think since the pandemic they have tightened their guideline to 620. They look at the middle of the three credit bureaus score.
 

Don’t do Rocket mortgage or any shit like that. You will want to do that first before finding a realtor. 

Is there a specific loan company I should look for or would you suggest walking into my bank and say “I’d like to see what I qualify for a loan?”


What state are you in? Your bank could def give you a look. I can tel you right now whether you would get qualified.


How much do you make annually before taxes?


If your wife (or Husband if you’re a fag, which there’s nothing wrong with) will be on the loan as well, how much do they make?


If you aren’t on salary, have you been at your job for two years or longer?


How much is your car payment?


Minimum payment a month on credit cards?


School Loans?


Child support?


Alimony?


What do you think your credit score is?

I’m in Nj. Only loans is my car. No student debt, not married, no kids, no alimony and other stuff loans no military. Car payment is 550 a month, credit card about 200 a month, yearly income 70k and credit score around 750. I have been with my company for 5 years. 

First off NJ sucks, you should move to Florida. Second off, you will want to do conventional loan. Your debt ratio only allows up to a $2,100 mortgage. You want to be under 50% Debt to Income ratio to qualify.

If it helps I was going to put close to 40% down. Sadly moving out from NJ is a bit of a problem. I could look to see if I could get hired at a Florida facility but why move to Florida...it is Florida we are talking about. Every time one of these threads pop up someone says “save 100k”...

Well that’s a solid ass down payment. You will have no issues qualifying. I would tell your realtor “Hey, this is the area I’m looking to live. These are my guidelines. Get to work”

That’s pretty much where I am at, I’ve done a ton of homework to save much as possible, learn from my peers and not fall into the tramps as they have. School loans, poor credit card habits/spending habits and shit like that. When it comes to a house, there are a few areas I like and the wants/not wants. I’d like to get qualified say to the realitor, “here is the deal and get to work save me your bull shit for when we get there.” Just as you said.