RX-7 Addict Posted May 30, 2009 Report Share Posted May 30, 2009 Debt to income ratio plays a big part and it should because the bank basically puts a budget together for you. Any outstanding debt.. say student loans, car loans, unpaid CCs, blah blah. The ratio of future debt obligations to how much $ you make will determine how much the bank will lend you based on 'what you can afford' for a mortgage payment. Quote Link to comment Share on other sites More sharing options...
Doug1647545489 Posted May 30, 2009 Report Share Posted May 30, 2009 Usually ~28% for the mortgage/insurance/taxes with a back end ratio (all debt) of about 40%. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 30, 2009 Report Share Posted May 30, 2009 im too lazy to read most responses... i applied for my home loan in jan of this year. i think my middle score was 684 or so...not even 700. i was still able to get prime for that day (5.000%) and locked it in for 60 days. Quote Link to comment Share on other sites More sharing options...
Rayman Posted May 30, 2009 Report Share Posted May 30, 2009 im too lazy to read most responses... i applied for my home loan in jan of this year. i think my middle score was 684 or so...not even 700. i was still able to get prime for that day (5.000%) and locked it in for 60 days. It all depends on who you get your mortgage through. Everyone has their own minimum credit to qualify for a loan. Who'd you go through? I know nationalcity has a 680 minimum for personal loan...not sure what their mortgage is. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted May 30, 2009 Report Share Posted May 30, 2009 Any outstanding debt.. say student loans, car loans, unpaid CCs, blah blah. The ratio of future debt obligations to how much $ you make will determine how much the bank will lend you based on 'what you can afford' for a mortgage payment. That's exactly why I'm working to be debt free, then save up for a down payment, then buy a house. My only debt is a 'small' amount of student loans, but I still want to be debt free before going into a bunch more debt buying a house. My student loan payments are only $110 a month, but that's $110 more cushion in my budget when I buy a house if shit goes sideways (losing a job). $110 seems like nothing, but to put it in perspective, thats' $1320/year, or far more (actually probably double) than 1 of my house payments would be in the price range I will buy my first house in. Quote Link to comment Share on other sites More sharing options...
Farkas Posted May 30, 2009 Report Share Posted May 30, 2009 Running a balance = pissing away money, unless you flip from one zero percent interest card to another. Exactly what I do Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 31, 2009 Report Share Posted May 31, 2009 It all depends on who you get your mortgage through. Everyone has their own minimum credit to qualify for a loan. Who'd you go through? I know nationalcity has a 680 minimum for personal loan...not sure what their mortgage is. it was through 5/3 Quote Link to comment Share on other sites More sharing options...
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