Some real estate lender questions. Looking to purchase home and need to

[spoiledbrat788]

know what to have, ect....? 1. How much do you need to make a year in order to qualify for $150,000 or more?

2. What kind of credit score is needed for such a home?

3. When dealing with the lender, what do they have access to actually look up besides the credit report. Like W2's, paystubs, ect. And if they can look it up and find it on their own, why do we need to get copies of W2's and paystubs to them?

4. I hae found different homes I like, but they are not ones that my agent deals with, they are through another company. What do you do in that situation?
Ok my cousin just had a situation where someone maybe trying to give her up'ed information for her W2's. I asked and a lender said that they do verify the information. How? She said that they are not allowed to access the information either. But she just started also.

[john]

I website that I use is www.hsh.com for all types of mortgage calculators. Look at it to see what the mortgage payments will be like.
On point number 4, if the realtor is trying to get you to buy a home with the same realty company then it is a realtor that you want to get rid of. He is not looking out for you but only for himself.

[David Beasley]

A $150000 purchase: 6.5% FHA to 97%

$941 Princ & Int.
$50 insurance
$100 taxes
$61 monthly MI
______
$ 1151 per month

With a decent credit score (620+) and all ccs paid down you can get qualified up to 45% of your gross income. Or... $2560/month ($31,000/year salary) in gross income.

If you have OTHER BILLS that appear on credit (auto loans, credit cards, student loans, etc), you must have HIGHER income to pay those each month.

We can't (usually) get your paystubs/W-2s for you. You must provide those as proof of the income you earn. If you work hourly, you must show tax returns, bank statements too.

Lenders will charge you ~$25 for credit, appraisal ~$350, ~$500 earnest $, ~$250 property inspection. For about $1000 - $2000 you could move into a foreclosed house and have $15000+ in equity!

Get with a mortgage professional to strategize about the payment you are comfortable with so you can really afford it.

It doesn't matter what co. a house is listed through, your realtor can help you negotiate on that house... remember to write "seller to pay up to 6% to buyers closing costs and down payment assistance" on your offer!

Best of luck!