How hard is it to get a loan for a $240K home ?

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  • Slick
    Confirmed User
    • Feb 2001
    • 7338
    #1

    How hard is it to get a loan for a $240K home ?

    Me and my wifey always admired this house -

    Now we see that it's for sale for $239,900 and are considering jumping at it, but I worry how tough it is to get a bigger loan like that.

    I currently don't have any debt at all and I own a mini-van, truck, camper, $30K house, and also an $18K piece of land, so I do have a bit of collateral.

    As far as a down payment goes, my high tax bill kinda fucked me a bit, but I'd be left with $40-$50K to put down on it.

    As far as my credit score goes, it got hurt a bit in the past before I was making the good money, now I have to rebuild it, I'm like in the 600-620 range.

    I've never dealt with a house loan before, so I'm not sure if the bank would laugh at me or not, what do you think ???
    Tags: None
    • Furious_Male
      Doing the grind since 99
      • Oct 2003
      • 16884
      #2
      The house is the collateral. Even though your FICO scores suck with 40-50k down you won't have a problem getting a mortgage at all.

      The problem may lie in getting a lower interest rate. Go with a broker they can shop for the best rate.
      Living in Virtual Reality
      Contact: Email (preferred): furiousmale .at. gmail - Skype: live:shanedws

        Comment

        • triumph
          Confirmed User
          • Dec 2002
          • 3433
          #3
          thats a nice looking house, wow cant believe its that price, where is it at?

          House like that in L.A. is like 800k minimum.

            Comment

            • Sosa
              In Tushy Land
              • Oct 2002
              • 40149
              #4
              I don't know much about loans but putting 40-50k down will really help out.

                Comment

                • tical
                  Confirmed User
                  • Feb 2002
                  • 6504
                  #5
                  Yea man, give a loan broker a call... you'll never know unless you give it a shot

                  I got the mortgage on my place when I was 21 with 0 credit (no bad scores but nothing built up)

                  I did have to put a nice chunk down though, either way if you can prove you can make the monthly payments you should be good to go

                  They'll do what they can to get you in, they dont get paid unless you get the loan so its worth it for you and them
                  112.020.756

                    Comment

                    • sweetcuties
                      Confirmed User
                      • Feb 2002
                      • 5859
                      #6
                      Nice house.... you've got assets, so it shouldn't be a problem

                        Comment

                        • Snake Doctor
                          I'm Lenny2 Bitch
                          • Mar 2001
                          • 13449
                          #7
                          600 is the minimum score for a mortgage.....but the max for FHA loans is 178K or something like that.

                          Its not so expensive that you need a jumbo loan....you'll probably get a jacked up rate but if the house appraises for the selling price and you put 40-50K down it should be doable.
                          sig too big

                            Comment

                            • Slick
                              Confirmed User
                              • Feb 2001
                              • 7338
                              #8
                              Originally posted by triumph
                              thats a nice looking house, wow cant believe its that price, where is it at?

                              House like that in L.A. is like 800k minimum.
                              Thanks We live in Houghton, Michigan, which is a smaller area 4 miles North of Green Bay, Wisconsin. Thank God I'm not from the city

                                Comment

                                • Slick
                                  Confirmed User
                                  • Feb 2001
                                  • 7338
                                  #9
                                  Thanks for all of your replies, they make me feel good about jumping out and getting the loan. I'll have to make some calls

                                    Comment

                                    • Veterans Day
                                      Confirmed User
                                      • Jul 2003
                                      • 8403
                                      #10
                                      depends on where you live FHA raised the max loan amount to 234,150 by me in chicago years ago, 580 minimums for FHA, Conventioanl is 620+ Dont get stuck with a subprime, unconventional lender with 2/28 or 3/27 loans. All those other assets dont mean anything. They will list them on the app but there nothing to talk about. How much you have in the bank and for how long is gonna be another stumbling block. Some other things to consider
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                                        • Snake Doctor
                                          I'm Lenny2 Bitch
                                          • Mar 2001
                                          • 13449
                                          #11
                                          Originally posted by Veterans Day
                                          depends on where you live FHA raised the max loan amount to 234,150 by me in chicago years ago, 580 minimums for FHA, Conventioanl is 620+ Dont get stuck with a subprime, unconventional lender with 2/28 or 3/27 loans. All those other assets dont mean anything. They will list them on the app but there nothing to talk about. How much you have in the bank and for how long is gonna be another stumbling block. Some other things to consider
                                          Good point...FHA loan limits are based on your area....here they're 178K

                                          But I'd guess that they're low in his area if that house is only 240K

                                          Whatever you do, don't get an ARM....this has to be the worst time for one of those. Take the fixed rate.
                                          sig too big

                                            Comment

                                            • ADL_JD
                                              Confirmed User
                                              • Dec 2004
                                              • 460
                                              #12
                                              The credit score seems to be your biggest issue. You can always go stated income, 5% down, and get in that house no problem. Get your credit score up past 650 though...You will still get a higher rate but you should be able to get into it.

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                                                Comment

                                                • Rich
                                                  So Fucking Banned
                                                  • Jan 2003
                                                  • 11486
                                                  #13
                                                  With 20% down, plus the fact that you already own property, it should be fairly easy to get a mortgage and a good rate. Unless you have bankruptcies or something.

                                                    Comment

                                                    • LiveDose
                                                      Show Yer Tits!
                                                      • Feb 2002
                                                      • 25792
                                                      #14
                                                      40-50k down you will qualify no problem.

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                                                        Comment

                                                        • NichePay_Manny
                                                          Registered User
                                                          • Jul 2004
                                                          • 1833
                                                          #15
                                                          Its sounds a great deal go for it .Good luck.

                                                            Comment

                                                            • nuttyrom
                                                              Confirmed User
                                                              • Jan 2003
                                                              • 256
                                                              #16
                                                              yeah, putting down 20% helps you out a long way when gettng a mortage.

                                                                Comment

                                                                • justsexxx
                                                                  Too lazy to set a custom title
                                                                  • Aug 2001
                                                                  • 13723
                                                                  #17
                                                                  jeez 240.000USD, we have only the basement for 240.000 in The Netherlands
                                                                  Questions?

                                                                  ICQ: 125184542

                                                                    Comment

                                                                    • Minte
                                                                      Babemeister
                                                                      • Jun 2001
                                                                      • 7081
                                                                      #18
                                                                      With mortgage interest rates as low as they are right now.Put as little into it as you can get away with.The house will appreciate at a minimum of 4% annually and you can take advantage of the mortgage interest writeoff which will help your current tax predicament quite a bit.
                                                                      You might not be as anonymous as you think you are.

                                                                        Comment

                                                                        • Eric
                                                                          Confirmed User
                                                                          • Dec 2000
                                                                          • 8818
                                                                          #19
                                                                          Slick,

                                                                          You won't have a problem at all. Based on your income and the fact that you can prove easily that you can make the payment. You have your home you are in now that you will be able to sell and hopefully pull some additional cash out of that. Either way pulling a 200k loan which is what you are really talking about with your down payment. You are looking at around a 1000 dollar a month payment. Easy!
                                                                          No One

                                                                            Comment

                                                                            • Rich
                                                                              So Fucking Banned
                                                                              • Jan 2003
                                                                              • 11486
                                                                              #20
                                                                              Nice looking house BTW, good luck getting it. :-)

                                                                                Comment

                                                                                • Rui
                                                                                  web
                                                                                  • Dec 2001
                                                                                  • 9533
                                                                                  #21
                                                                                  Having somebody with good credit (and impressive) to vouch for you can do wonders.

                                                                                  Nice house

                                                                                    Comment

                                                                                    • brand0n
                                                                                      been very busy
                                                                                      • Nov 2002
                                                                                      • 26983
                                                                                      #22
                                                                                      40%?

                                                                                      you only need 20% to walk into a nice 15 year loan
                                                                                      want to buy this spot for cheap? it is of course for sale. long term deals are always the best bet. brand0n/ at/ a o l dot commies.

                                                                                        Comment

                                                                                        • sweetcuties
                                                                                          Confirmed User
                                                                                          • Feb 2002
                                                                                          • 5859
                                                                                          #23
                                                                                          Originally posted by brand0n
                                                                                          40%?

                                                                                          you only need 20% to walk into a nice 15 year loan
                                                                                          Yep, both my homes were 20% down and 15yr.... don't do a 30, you'll get caught paying PMI

                                                                                            Comment

                                                                                            • baddog
                                                                                              So Fucking Banned
                                                                                              • Apr 2001
                                                                                              • 107089
                                                                                              #24
                                                                                              I think it is easier to find a $240k loan than it is to find a $240k home

                                                                                                Comment

                                                                                                • hydro
                                                                                                  Confirmed User
                                                                                                  • Dec 2003
                                                                                                  • 4216
                                                                                                  #25
                                                                                                  You should have no problems getting a loan. If 1 lender declines you keep trying. I just closed a loan the other day for a guy with much less than you for $320,000. Best of luck

                                                                                                    Comment

                                                                                                    • HorseShit
                                                                                                      Too lazy to set a custom title
                                                                                                      • Dec 2004
                                                                                                      • 17513
                                                                                                      #26
                                                                                                      Originally posted by Minte
                                                                                                      With mortgage interest rates as low as they are right now.Put as little into it as you can get away with.The house will appreciate at a minimum of 4% annually and you can take advantage of the mortgage interest writeoff which will help your current tax predicament quite a bit.

                                                                                                        Comment

                                                                                                        • shermo
                                                                                                          #27
                                                                                                          Originally posted by baddog
                                                                                                          I think it is easier to find a $240k loan than it is to find a $240k home
                                                                                                          My thoughts exactly. I just got a 250k loan with no problem at all...granted my credit was quite a bit higher.

                                                                                                          Regardless, 20% down will do you wonders! Good luck my friend.

                                                                                                            Comment

                                                                                                            • xNetworx
                                                                                                              So Fucking What
                                                                                                              • Jan 2004
                                                                                                              • 14445
                                                                                                              #28
                                                                                                              That 20% down payment should help a lot.

                                                                                                                Comment

                                                                                                                • Fred Quimby
                                                                                                                  Confirmed User
                                                                                                                  • Jul 2004
                                                                                                                  • 5430
                                                                                                                  #29


                                                                                                                  Look what $500,000 will get you on Long Island

                                                                                                                  http://www.realestate.com/axx/applic...homeid=6195632

                                                                                                                    Comment

                                                                                                                    • sandman!
                                                                                                                      Icq: 14420613
                                                                                                                      • Mar 2001
                                                                                                                      • 15427
                                                                                                                      #30
                                                                                                                      Originally posted by Slick
                                                                                                                      Me and my wifey always admired this house -

                                                                                                                      Now we see that it's for sale for $239,900 and are considering jumping at it, but I worry how tough it is to get a bigger loan like that.

                                                                                                                      I currently don't have any debt at all and I own a mini-van, truck, camper, $30K house, and also an $18K piece of land, so I do have a bit of collateral.

                                                                                                                      As far as a down payment goes, my high tax bill kinda fucked me a bit, but I'd be left with $40-$50K to put down on it.

                                                                                                                      As far as my credit score goes, it got hurt a bit in the past before I was making the good money, now I have to rebuild it, I'm like in the 600-620 range.

                                                                                                                      I've never dealt with a house loan before, so I'm not sure if the bank would laugh at me or not, what do you think ???

                                                                                                                      If you were in chicago i could get you approved easy.

                                                                                                                      So im guessing it should be easy there also.
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                                                                                                                        Comment

                                                                                                                        • Tat2Jr
                                                                                                                          Confirmed User
                                                                                                                          • Feb 2001
                                                                                                                          • 4882
                                                                                                                          #31
                                                                                                                          They won't give you a loan in Southern California for $240k. No way, no how... wanna know why? Because there's nothing to buy for that cheap!!! I wish I was kidding. At least out here they hand out half mill loans like they were promotional items. I don't see any problem getting half that.
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                                                                                                                            Comment

                                                                                                                            • Centurion
                                                                                                                              Confirmed User
                                                                                                                              • Dec 2002
                                                                                                                              • 6033
                                                                                                                              #32
                                                                                                                              Originally posted by baddog
                                                                                                                              I think it is easier to find a $240k loan than it is to find a $240k home

                                                                                                                              That is the truth. Just did the signing yesterday for a home and the interest rates are starting to CREEP UP!
                                                                                                                              So if you're thinking, act NOW if you are serious. Also, interest only 5-7 year arms are VERY popular right now!

                                                                                                                                Comment

                                                                                                                                • rowan
                                                                                                                                  Too lazy to set a custom title
                                                                                                                                  • Mar 2002
                                                                                                                                  • 17393
                                                                                                                                  #33
                                                                                                                                  Haven't I seen you post before that your income is $15k a month? Or was that $30k a month? You'll probably find the banks falling over themselves to get your business.

                                                                                                                                  The banks here are prepared to lend crazy and completely impractical (I would almost say irresponsible) amounts, where the minimum repayment can end up being 50-60% of your gross income.

                                                                                                                                    Comment

                                                                                                                                    • Tat2Jr
                                                                                                                                      Confirmed User
                                                                                                                                      • Feb 2001
                                                                                                                                      • 4882
                                                                                                                                      #34
                                                                                                                                      Originally posted by baddog
                                                                                                                                      I think it is easier to find a $240k loan than it is to find a $240k home

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                                                                                                                                        • jigg
                                                                                                                                          Confirmed User
                                                                                                                                          • Feb 2002
                                                                                                                                          • 2527
                                                                                                                                          #35
                                                                                                                                          you don't even need to put money down
                                                                                                                                          we got a $150,000 loan with $0 downpayment, we had the money in the bank account and they seemed pretty satisfied with that
                                                                                                                                          ......
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                                                                                                                                            • bigdog
                                                                                                                                              Confirmed User
                                                                                                                                              • Jul 2001
                                                                                                                                              • 6964
                                                                                                                                              #36
                                                                                                                                              in ny you could get a place for 500k and still have to carry a gun for protection

                                                                                                                                                Comment

                                                                                                                                                • Illicit
                                                                                                                                                  wtf ?
                                                                                                                                                  • Dec 2003
                                                                                                                                                  • 11895
                                                                                                                                                  #37
                                                                                                                                                  that house is crazy cheap. where is it ?
                                                                                                                                                  Insert Sig Here

                                                                                                                                                    Comment

                                                                                                                                                    • shermo
                                                                                                                                                      #38
                                                                                                                                                      Originally posted by jigg
                                                                                                                                                      you don't even need to put money down
                                                                                                                                                      we got a $150,000 loan with $0 downpayment, we had the money in the bank account and they seemed pretty satisfied with that
                                                                                                                                                      Ditto over here, on a 5 year ARM. I'm not planning on living there past 2 years, so this was a solid option for me.

                                                                                                                                                        Comment

                                                                                                                                                        • DrewKole
                                                                                                                                                          Confirmed User
                                                                                                                                                          • Jul 2001
                                                                                                                                                          • 5193
                                                                                                                                                          #39
                                                                                                                                                          Originally posted by Veterans Day
                                                                                                                                                          depends on where you live FHA raised the max loan amount to 234,150 by me in chicago years ago, 580 minimums for FHA, Conventioanl is 620+ Dont get stuck with a subprime, unconventional lender with 2/28 or 3/27 loans. All those other assets dont mean anything. They will list them on the app but there nothing to talk about. How much you have in the bank and for how long is gonna be another stumbling block. Some other things to consider
                                                                                                                                                          There is no real minimum for FHA. We've got some approved down to 520. There isnt a minimum for Conventional either, though its not as easy to get an automated as FHA is.

                                                                                                                                                          Subprime, you can go down to 520ish without a problem.

                                                                                                                                                          With 10% down, you can get that house, without a problem.

                                                                                                                                                          Cheers.

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