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I live in Massachusetts and found a beautiful townhouse style condo in a city that I love for 200K asking price. I am 25 years old, make 55 K a year, and have no debt (no car payments, no credit card debt, no student loans). I am responsible with money but I have also just started out in the world after finishing graduate school - meaning I do not have much for a downpayment, although I have already managed to stash away 8 K. I do not want to ask my parents for a downpayment even though they offered. I applied for a pre-approval mortgage from a reputable bank, but they emailed to say they neither approved nor rejected me for the mortgage and that my situation was "complicated" and they would need to call to discuss. Obviously my heart sank a little. What do you think? Am I a red flag or is this a possibility? What can I do to improve my situation?
You are pretty solid financially, if your credit rating is in 700s with everything else you stated. HOWEVER, the Rule of Thumb is that you can afford to buy something at 2.5 times your income, NOT more than 3 times your annual income. Thus to buy this place, you'd need to get LOTS of down payment help from the parents to qualify for a loan. Or get some down payment help and have one of them in title with you. Call and talk to lender and see what they offer. LOOK elsewhere for more affordable housing, or wait, keep saving. You might be able to swing this if you got a roommate once you got the place.
Your credit will be an issue with some lenders and credit unions and this is what they are looking for: -Minimum 4 Trade lines of open credit - they could be zero balance -680 Credit score, but preferably 740 for the best programs. *You should consider a loan amount not to exceed 3 to 3.5% of your income as the agent recommended. *Consider a LPMI "Lender Paid Mortgage Insurance" when using 5% of your own money. * This is less understood- but running amortizations all day long for my customers - stay away from FHA unless your score is below 680 or other credit issues require you to use FHA. Most run amortizations based on an interest rate and MI, I based it on both and then I add the payment difference to the better loan so that you can see a 5 year advantage. The best lender for an LPMI loan is Fifth Third Bank "5/3rd" and another is Wells Fargo, but their rate is slightly higher. The agent is correct - if you come across and agent who is sincerely working for you, they will negotiate closing costs for you. You must tell them up front that you will only buy a home where the seller will pay up to 3% of the purchase price to be used toward closing costs. Lastly - every major lender has in house programs based on income and certain areas where you can get a much better loan than all the standard loans out there. Ask your major bank if the have any loans other than FHA based on income and 100% financing. Usually the rate is as good as any with No Mortgage Insurance! Alway: ask what your payment will be including taxes and insurance. Don't work with a lender who is not running payments and amortizations for you; you might learn and FHA mortgage is bad in the way that the money you put down is lost to upfront washington and that you own more than what you borrowed. Your should be asking many questions to your lender and if they are uncertain or beginning to sound like a used care salesman - go on to the next. Once you are totally convinced about which loan you want and will be happy with, then proceed look for a home. An Agent will be rushing you because they are on commission - which is ok, but that is why you should be sure of your loan first before deciding upon an agent. Cheers!
Since you have no debt and you are fairly young, you are probably "complicated" because you have no credit. Strange as it sounds, paying cash for everything doesn't do anything to build your credit score. Banks like to see a history of good payments. Consider getting a credit card. Charge your gas and groceries on it every month and pay it off every month. This will establish your credit. If you use FHA financing you will need 3.5% of the purchase price for your down payment. On a $200,000 purchase that will be $7000. The other $1000 you saved will need to be used for inspections and loan application. Your closing costs will be about $6000. You will need to get the seller to pay your closing costs for you. Think about the payment you will have with a $200,000 mortgage. It will be roughly $1200 a month plus taxes and insurance. Is that a payment you are comfortable with? Remember you will still have to pay utilities, groceries, car insurance and maintenance, medical, etc., and it would be nice to have some money left over for restaurants, movies, and vacation! My recommendation is to establish your credit, determine what you want your monthly house payment to be, and then talk to the bank again. The bank will be able to give you a budget based on what you want your payment to be. Your situation will be much less complicated and you will know exactly what you're getting yourself into.
Based on traditional income ratios, you would probably not qualify for a 200K loan, even though you do not have other debt. The FHA loan is the program that requires the lowest down payment and it requires 3.5%. That means you would need at least 7K down on a 200K home. Then you would also have closing costs which you could negotiate for the seller to pay those. That would decrease the amount of money you would have to pay out of pocket. The down payment money on an FHA can be gifted, but it has to be verified. Although there are some small issues to work out, I think you would be able to qualify for a loan.
If you have no debt (and excellent credit) then it is a huge advantage. Anyway, I think you have got to ask these questions some of the experts in this field. I would suggest you go to sites you know that provide mortgage loan advice. I have mentioned one below. The site mentioned below is for America only.
The good news is that you are debt free. The bad news is that $55K of income should only qualify you for $100-$150K of mortgage. ($100K would be better.) After closing costs, you really only have $5K for a downpayment.
You simply do not earn enough money to afford that house, and you do not have a down payment, most of that 8k will go to closing costs. Save more money and look at places more along the lines of 100-120k.
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Talk to the lender where you applied and work your way through "complicated".