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What kind of home loans can I get?
Posted by James on October 8, 2009 in Home Loans | ∞
just a quiet person
What kind of home loans can I get? My FICO is around 730 at all the credit bureaus. I live in Los Angeles and want to buy a condo in the Hollywood Hills in the $600k range. I make $100k a year. Do you think I will get approved for $600k?
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What kind of home loans can I get? My FICO is around 730 at all the credit bureaus. I live in Los Angeles and want to buy a condo in the Hollywood Hills in the $600k range. I make $100k a year. Do you think I will get approved for $600k?
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7 Comments
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That might be pushing it depending on your other debts and any liquid assetts you might have. Also the size of your down payment. Even more to the point, can you afford that? If you truly can, the banks are likely to agree with you if you can demonstrate it. Your credit score is good enough.
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I do loans in California and you are considered “A” paper, which means you’re able to get any loan you want. You can easily get approved for $600k.
Shop around and don’t let people run your credit. You’ll be fine. Good luck.
Regards
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Sounds like some good income and scores to me, I have seen people approved for more with less (but that was also before the banks started buckling down). If you put some money down (5%), don’t have massive debt, and can show some $ in the bank, you should be fine.
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A 30 year fixed rate at 5.75% for 600K = 3,501.43 per month payment. Conforming guidelines allow you to close a loan for that amount if your durable gross income is indeed 100K / year. You wont have much room for other debt and might need to go with a 40 year term and 30 year due. You do not need to go with an interest only or option arm to qualify. If you do have a lot of monthly obligations you might need to go stated. In California there are also 50 year amortizations with a 30 year due. If you shop around you can secure the rate I used in my example.
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If you only make $100k a year and you want to buy a $600k property, you’ll need a “stated income” loan. With a 730 credit score you shouldn’t have a problem qualifying, if you have a 2-year stable work history. However, I don’t know how you’ll make the payments…
Find a reliable mortgage lender, not a broker, who is experienced with stated loans. Contact Julie at
Good luck.
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There is no question that you would be approved. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
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I can help! Just shoot me an email to, and we’ll see what we can do!
Marty