Will I Get A Full Approval Considering My Income and Ratio?

[JosephRAnderson]

I'm looking to buy a home and received a pre-approval from BofA at 5.25% on $108,000. I already signed a contract at $108,000 on a home with seller concessions of $3240. Also did termite and house inspection with the house in very good condition, no issues at all. At this point I believe the appraisal should be a cake walk with the house in foreclosure and surrounding homes valued around $110K-$130K. By the way my credit score is 700.
My question is will I get a full approval on the loan because of my income? Mortgage payments (including principle, interest, PMI, taxes, home insurance, and HOA) is expected to be about $810/month. I have 3 credit card payment of $15/$15/$25 with a total $55/month. But my monthly gross income is only $2000/month. Is that ratio low enough for full approval?
Well, here's an update to the numbers I'm looking at:
Sale price: $108,000
Down payment: $3780
mortgage: $104,220
interest rate: 5.25% (at this time in March 2011, credit score was 645. Credit score now is 700, of which I hope we can get a better rate.)
estimated home insurance (from AAA): $450
Tax is: $960/year
Other debt (credit cards): $55/month (total is $600)
Income: $2000/mo

[Cat Damiano]

Joseph,


The mortgage lender should have already gone over this with you at this stage of the buying process. If you were already preapproved for the amounts you have given, the lender would have already pulled your credit and verified your income. You may want to ask them these questions as they have your file in process.