Hi everyone! I appreciate any input on the follow:
It's been the plan for several months that I will be applying for a mortgage in October. Reasons for this: my sons father will finally be paying child supprt (hooooray!) and I will be getting an overborrow from college that will be quite helpful with my downpayment (I know this is a no-no please don't lecture or judge me on that). I've been planning to get a SONYMA mortgage for a couple reasons; they don't ask where your funds came from if they're in your account prior to applying, they require a low downpayment and have downpayment assitance, they don't charge you PMI for the life of the loan like FHA and they don't count student loans deferred 3+ years toward DTI. Today I was
messing aorund on Lending Tree, not applying, just ressearching and it appears that with my
700 credit score (which will be higher in October) I could qualify conventional with 3% down and ridiculously low fees at closing.
So below is my breakdown. I haven't thought conventional was an option and have no idea what the hoops you have to jump through are. If anyone could give me some advice on how much I can afford, if conventional is a realistic option and if I'd be able to use my overborrow/exclude student loans, I'd really appreciate it!
Income: $38,500 annual salary (W2), up to $3,850 annual bonus,
$7,500 annual child support
Expenses: $282 car payment, $28 student loan
Deferred student loans:
$300/month deferred till June 2017
Single family home-Primary residence