Would I qualify for a 300,000 home loan?
I am looking at a condo in Las Vegas, asking 9,000. I am a Veteran and qualify for a VA loan obviously. I have ,000 in cash saved up, and wouldn’t want to pay more than ,000 down payment…. tops. I would probably pay ,000 down. I am 23, this will be my first home/condo purchase, and i have a credit score of 745. I will be attending college in Vegas, and under the new GI Bill, i will be paid 76 / month tax-free for 9 months of the year (Sep-May… school year). I have a job lined up with my friends father making 2,500 a month after taxes. I have a car payment of 0/month, and a credit card with about 2,000 on it. I would like to know whether or not I qulify for a 300,000 loan. Iike i said, im getting out of the army next month, and will be buying/working in august, starting school in sept.
As of this mornig, the VA 30-year fixed was a 5.01 %, and my home bank is offering 4.875% for 3–year fixed. if that helps??? any info would be appreciated. thanks
2 Responses
zeuz
05 Mar 2010
Lancer Sykera
05 Mar 2010
A 300k loan for 30 years at 5.01% would result in monthly payments of $1612, plus whatever mortgage insurance they decide to add on monthly. It sounds like something you might be able to afford making payments on, but the bank/VA might see things differently. It depends on what that would represent as a percentage of your disposable income.
In the meantime, if you have that much cash saved up, pay off the credit card already, no sense in wasting money on interest carrying that balance. Also, if things don’t work out, the next step would be to look for something quite a bit cheaper. I don’t live on that side of the country, I don’t know what real estate in Las Vegas is like, but holy mackerel. You could buy yourself a nice townhouse in south central PA just with the money you have saved up, and a mansion on a hill with $300k. It just seems like way too much of a house and mortgage for a 23 year old, and for what I’m assuming is going to be your first house.
300,000 at 5% for 30 years is $1,610 / month. I’d say it should be an easy approval.