well my 765 credit score only gets me 200,000 dollar loan, why? because my income is low, having a good credit doesnt mean anything to lenders, they want you to have a 200,000 dollar income
I understand your frustration. Lenders can't lend more than would be too risky of a payment for you to take on. Without debt-to-income rules, things like the 2008 housing crash happen. We have plenty of people closing on homes with incomes that are much less than $200,000. Feel free to send me an email with some more details on your situation and I can help explain the formulas lenders use on the back-end → kyle@winthehouseyoulove.com
Hi Kyle! I’ve been a silent watcher for quite some time, taking tips from all of your videos to improve my score within my means. I have finally been able to reach above 700. Without getting into too many details, my credit score was unimportant for many years, and turned for the worse last fall. If I’m not the only one in this boat, could you do a video on revolving delinquencies and how long it will take to be able to qualify for a mortgage with them? I’ve watched I feel like every video and have not necessarily felt as though I have I gotten a concrete answer to that. Much appreciation for all of your advice in all of the videos you post!
Very interesting. Are you taking into account that the 3% down has a $470 extra monthly payment compared to 20% down (comes out to $56,400 over 10 years if you save it). I know most people don’t have the will power to “save” it, but something think about. We are planning to purchase our first home in April and have been doing a ton of research to prepare. Love your videos man!
I designed the calculator to only look at the loan costs. So, the savings difference is purely from interest since that's the actual raw cost of financing. I don't take into account the gross payment difference because any principal amount is your equity and effectively isn't a "cost" that's valuable to consider in comparing loan options. For considering opportunity costs, the calculator also has a small investment calculator built in so you can include those types of save + invest scenarios as well :) One extra consideration if you are looking at a scenario like that is also considering the equity that is built from the $470/mo higher payment since it's your money as well, just not as liquid as something like an index fund. Thanks for watching! Feel free to reach out if you have any questions → kyle@winthehouseyoulove.com
Kyle, Truly God bless you for this educational information. My parents and I are in a difficult time as many other people are , regarding if is worth selling and if it is where can we go about the whole process, not to mention where to chose a down to earth affordable place in Miami or near by this city. Living in Florida is home, but truly sad is full of people that don’t care about those of us having dreams so they basically concentrate on customer with great credit scores and plenty of money to spend. Would you be so kind to shine a light as to where can we inquire, if our situation fits an outcome for a solution to sell and buy? Thank you in advance Kyle.
I’m planning to talk to my local credit union for what the process to get a mortgage is, or what I can do in my situation. I want to get their feedback and was wondering if there’s a way to work with you as well? What do you think?
Our family member went to school and pulled almost 130K for 4 years. Lenders have 30 year contracts and won't even talk to you unless it seems you are a half a millionare. Credit score is like 750+ for both co-borrowers. Almost all the debt was forgiven. Yet cant get a pre approval.
