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Im looking to buy a home in north carolina for 300,000 , im going to put 10% down which is 30,000. my credit score is a 670 or 680 i have zero depth just a car payment for 240$ a month. am i able to get a mortgage , i am looking for a stated loan with no pay stubs and no w2 form , i understand the lender will want to call my employer to verifier my employment im making about 65,000 a year , are there programs still available for me
You are a PRIME example of what went wrong with the housing market. You want a loan you clearly can not afford and you want to hide that fact with a no doc loan.
Do not listen to answerer #4. 80-10-10 loans don't exist any more and you are not going to have an easy time getting a loan and your rate will definitely not be under 6%. Your score isn't bad, but now to get stated doc loans people need scores in the 700's. The market has really changed. I will say though that if you actually don't have any credit card debt, technically you could probably get qualified for a $270,000 loan . However, new-jersey is a fairly cheap place to live, you could easily find a nice home no matter what part of the state for $250,000 or less. Also, if you're moving to new-jersey you'll still have to prove that you have employment in the state and that the new purchase will be your primary residence.
You can't afford a $300 000 home on that income. Even with 10% deposit, you're still not going to get a loan that big easily, and if you do take out a huge loan like that, you'll be in serious strife. What happens when interest rates rise and you're already paying the absolute maximum you can afford? You'll have no more money to tip into the loan, and you'll end up losing your home. I have an Excel programme I've used to calculate your repayments on that amount at 8% interest. It's $495 a week. That leaves you about half of your weekly pay to spend on other things. Lenders don't like to lend any more than what would be 30% of your weekly income in repayments. For example, if you earn $1000 a week, you would probably only get a loan that could be paid back at $300 a week. That would be considerably less than the $300 000 you're looking for. I had a $60 000 downpayment, but it didn't mean I borrowed $600 000. A loan like what you're considering will also require you to pay mortgage insurance, because you'll be high risk. That doesn't protect you, only the bank from you defaulting, and they get you to pay for it. That means you pay them to cover the insurance because you're a bad risk. Unless you get rid of that car payment, you've got no hope of getting a large loan. Sell the car and buy a cheaper one. Then, buy a house for half of what you're intending to spend. Pay it off. Then, later, when you own that house outright, you can use the equity in it to buy the house you want now. If you do find a lender that will let you borrow that ridiculous amount, you'll pay through the nose in interest. You'll probably be paying it off til you're old and grey. Borrow less. Use the full deposit to reduce the amount of interest you pay, and you'll get ahead. I'm currently paying my house off in 5 years. That's the beauty of using a big deposit.
Are there loans? Yes there are, your loan amount will be $270,000 which is not a jumbo loan. Jumbo loans are $417K+ so that is good for you. You should be able to get a good interest rate around 5.57%. I would check with B of A, Country Wide, Wachovia do the circuit. You can talk to a mortgage broker or even try lending tree. You are looking at an 80-10-10 (Std Mort / Home Equity Loan / 10% down payment) loan which still exist. When you begin paying it off look to put extra money towards the 10% Home Equity Loan, that will probably be at a little higher interest rate and paying that off will give you more financial freedom down the road.
They usually say you can afford a mortgage about 2-1/2 times your income, which would put you more in the under 200,000 house price. You don't want to be another foreclosure casualty, taking on more house than you can afford - if it's your first house, you shouldn't be thinking so big and forget about a no-doc loan anymore - too much risk for the lender - Why don't you want to go thru the normal w-2/paystub route - if you're hiding something, forget it - lending companies are a lot pickier now than they were 2 yrs ago
All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower<!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work. Basically you will find everything you need to know about mortgage here, First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser-->and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
I think it would be difficult to find a lender to give you such a large mortgage when your income is only $65k and you only have 10% down. If they do give you a loan, you will have to pay personal mortgage insurance on top of your mortgage since you don't have 20% down. Good luck, but I think you are shooting for way too big of a mortgage (unless you are married and only gave one person's income)
I would recommend using some of that down payment to first get rid of the car debt. Then you can use the $240 to replenish your down payment. That way, when you do get a home, you won't have to worry about that car payment. That will be at least another $2880 per year in your pocket.
Let's cipher it up this way: 65000/12 = 5416 per month gross pay 300000-10% down - mtg pv of 270000 $270,000 @ 6.5% for 30 Yrs = 1707 ( PI) 1707 prin and int + taxes and ins of 200 = 1907 per month PITI 1907 + 240 = 2140 in payments 2140/5416 = 40% of your gross income per month going to payments. That should work for most lenders. Good Luck!!
$270K @ 7% = $1796.32/mo * 30 years 65K/yr = $5416/mo Your payment is going to right at 33% of your total gross income. You can't afford the house. WIth your income, you shouldn't mortgage more than $200,000. That means $50,000 down on a $250,000 house.