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Forum
-> Inquiries & Offers
-> Moving/ Relocating
amother
OP
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Wed, Jan 19 2022, 7:48 pm
nicole81 wrote: | The FHA loan limit in Brooklyn is about $822k so even if you meet the income to debt requirements for that loan amount, you'll need at least enough down payment to meet the different between that number and the house price. |
houses under 822k don't exist where I live....
I believe I would meet the income and debt requirements though
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amother
OP
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Wed, Jan 19 2022, 7:50 pm
amother [ Lightgray ] wrote: | Exactly! It also depends on whether this is a single family (or condo) or multi-unit and how much the taxes on the house are.
In addition to your income, your employment history (or lack thereof) makes a difference too.
Please don't expect to get pre-approved on imamother! Contact a good mortgage broker (like me!) to get proper guidance and answers that apply to your situation. |
I would love to contact you! Would you feel comfortable posting under your user name so I can pm you?
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amother
Strawberry
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Wed, Jan 19 2022, 8:35 pm
amother [ OP ] wrote: | Where are you located? |
We're in NJ. Our loan was slightly over 400k.
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ez-pass
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Wed, Jan 19 2022, 8:39 pm
You can pm me for a great mortgage experts name and info.
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amother
OP
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Wed, Jan 19 2022, 8:46 pm
ez-pass wrote: | You can pm me for a great mortgage experts name and info. |
Thanks. I pm'd you
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nicole81
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Wed, Jan 19 2022, 8:58 pm
amother [ OP ] wrote: | houses under 822k don't exist where I live....
I believe I would meet the income and debt requirements though |
Right, but that would be plus your minimum of 3% down, so about an 850k house. And the more you put down, the higher that amount would be.
Another scenario would be if there's a house of 1 million, you may be able to get a jumbo loan with 10% down. If not, then you would have to go FHA but bc of their loan limit of 822, you'd need at least 17.3% down (3% of the purchase price plus the difference between their max loan and one mil)
There are tons of mortgage brokers out there who would be willing to converse with you and run a pre-approval for free to see what your options are.
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amother
OP
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Wed, Jan 19 2022, 9:13 pm
nicole81 wrote: | Right, but that would be plus your minimum of 3% down, so about an 850k house. And the more you put down, the higher that amount would be.
Another scenario would be if there's a house of 1 million, you may be able to get a jumbo loan with 10% down. If not, then you would have to go FHA but bc of their loan limit of 822, you'd need at least 17.3% down (3% of the purchase price plus the difference between their max loan and one mil)
There are tons of mortgage brokers out there who would be willing to converse with you and run a pre-approval for free to see what your options are. |
got it. thanx
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