Applying for mortgage?

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My husband and I are going to buy a house soon, by july 2008. My credit is 681 and his is 669. What can we expect to be approved for in mortgage? We live in Arkansas so a 50,000 loan would be plenty enough. Can we just apply for a loan now and see what we can get approved for and not have to go from there just yet? I just want to see how much I can have so I can start looking. Is there a free place where we can see what we may be able to apply for? no strings attached? Also, generally what % do people usually have to pay down? Thanks.
Thank you all for your help. Im very anxious to talk to a agent but im affraid im jumping the gun a little bit since our lease with the apartment isnt up until july anyway. We dont have anything negative against our credit so im sure we ll be fine.

  1. Reply
    Etta P
    January 23, 2011 at 10:00 pm is a great place to start. Also offers some good information. DTI or debt to income ratios typically cant exceed 41%.Housing to income ratio normally should be 28%. Get together you gross income. Take auto, installments, and revolving debts not utility or car insurance and then speak with a good loan officer, Wells Fargo is good.
    They can tell just want loan amount you can afford

  2. Reply
    January 23, 2011 at 10:17 pm

    i think you need to talk to a real estate agent [ it’s free ] the down payment depends —if you get a F.H.A. loan the last i heard it was about 3 pct. down. an agent can be a big help and answer all your questions

  3. Reply
    January 23, 2011 at 10:21 pm

    Start NOW for applying for mortgage application. If there is something to work out, you’ll have the time to do it. You want a pre approval for whatever amount you can just write a check for when the right time comes. Don’t wait til you are out of your lease to know if you’re approved and for what amount. Start now. Don’t jump at the first house. Take your time and negotiate.

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