stated income+ many questions?

Deal Score0

I’ll be shopping for a mortgage at the end of the summer. I wanna know what to expect. I know that I will get a higher rate because it will be a stated income.
a. What rate should I expect? ( so that if it’s too high I’ll recognise when to just say No thanks)
b.Does the futur job on which I am basing my mortgage loan makes a difference in the rate I’ll be getting?
c. Should I just wait ti’ll I graduate to get a house?

here are my “numbers”
1) credit score is 741
2) $ 12,000 in credit card debt ( card limit is $ 26,000, I am no longer using this card, I am in repayment mode)
3) just bought a new car $ 260/72months ( it’s bcz of this big addition to my credit that I want to wait few months before going for a mortgage.

I do realise nobody here is psychic, I won’t find out much until I applied. But, I am hoping that some loan expert, somewhere in this community will guide me a little bite.


  1. Reply
    May 4, 2011 at 2:04 am

    Wait until you are out of school.

  2. Reply
    May 4, 2011 at 2:33 am

    If your middle fico score is around the same you will have no issues at all. depending on your loan amount your rate WILL BE around 6.125% that’s with no points. because your scores are so high you will have NO ISSUES. mark My words. If you are buying a home above $ 417,000.00 then it will be higher. not much but higher as this would be a Jumbo loan. also if the loan amount is under 100K there will be a hit to the rate as well. but regardless as long as your scores are in the 700 you can qualify for any amount. you can go stated or NO Doc. hope this helps. And if you can afford the house now, go for it. you only get one chance at this life, make the most of it.

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