Buying a home this winter in New York
Hi, my husband and I are planning to buy a home this winter and we wanted to get feedback that can help. We are buying in the NY area with a budget of $600k while putting down between 3 to 5%. My husband is a cop so he has a steady income while I have a private practice in psychotherapy. Our income this year was around $90k since I went on maternity leave for most of the year. What are our chances of getting a loan? We spoke to a loan officer and he said we can get approved for a $500k loan. by heine418 from New York, New York. May 13th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
A lot will depend on the debts you have on credit and the mortgage interest rates. Both of which impact your debt to income ratios. Mortgage interest rates are rising so you may want to move up your timeline. For example: Some forecasts have rates hitting 7% by the end of the year. Now let's say you qualify for 5% right now on a 600K purchase. If wait until the end of the year and end up wit a 7% rate, you would have drop your purchase price by 115K to get the same payment at 5%. Does that make sense?| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
Ask our community a question.
Get an answer
Related Questions
