r/MortgageLoans

Would you buy a 600k house with a 190k salary? No debt besides mortgage. Will be putting 20% down.

i am a first time homebuyer in north carolina looking at a $350,000 house with an fha loan at 3.5% down. my credit score is around 650 and my annual income is $72,000 from my job as a teacher. the mortgage is pre approved at 6.9% for 30 years which puts the principal and interest around $1,580 a month. on top of that i need about $12,000 for closing costs and some minor repairs before move in but i do not have enough saved up right now and cannot wait another few months.

i used timefinancing for a $10,000 personal loan to cover part of the gap. they offered 25% apr over 36 months with payments around $380 a month. how does adding a personal loan like this usually affect the debt to income ratio for the fha mortgage approval? and what is a realistic timeline to get both the mortgage and personal loan funded close to the same date without delaying closing?

Buying a first home. Have a car loan for ~$15k, student loans of $7.5k and closed account credit card debt totaling $10k. I just sold a vacant lot I own and have $50k in funds. Annual household income is ~160k. I’ve payed off almost 10k in past due debt over the last two months. Credit score just hit 600.

What’s better in the eyes of a lender. Paying off my car loan and the closed account debt and having 25k for an fha downpayment, or having 50k for a downpayment but leaving my debt to income ratio and credit utilization as is. Any professional advice is appreciated! 🙏