Getting Qualified (question)
I dish out 1000 bucks worth of bills per month and I make 3000 a month. I am trying to get a house that will be 2500 a month plus $269 maintenance fee which will bring my bills up to 3769 a month. I have a 767 fico score.
Can this happen or will the under writer say hell no. I have a hustle job that makes me 2000 a month of under the table money. I cant prove this income though.
Will they qualify me if the know I borrowed the down payment and after i give the down payment and closing cost my account is $0?
Thank you
So you gross $3K a month and have $1K in debt payments? If you were to get a house with a $2500/mo payment and $269 HOA that puts your back ratio at 125% and the max is usually 50%.
On paper you would be in the hole $769 each month not including utilities, ancillary expenses, etc.
With this deal the down payment is moot - you cannot afford the house.