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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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Did you get approved for more than you qualified for?
If so, how much more?
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Posted 11/9/10 12:59 PM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Did you get approved for more than you qualified for?
no, it was the reverse for us, they qualified us for much more then we were willing to spend, but that was with a mortgage boker. when we worked with a bank they only qualified us for what the house was selling for. we attempted to buy 3 houses and each one was a different price. each time the bank only gave us a letter for the amount of our accpeted offer.
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| Posted 11/9/10 4:02 PM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: Did you get approved for more than you qualified for?
We were approved for over 100K than what we budgeted. Personally we didn't want to live for a mortgage so went by what we wanted to live by.
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| Posted 11/9/10 4:06 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Did you get approved for more than you qualified for?
We were approved for over 150k more than the house we actually bought.
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| Posted 11/9/10 6:51 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Did you get approved for more than you qualified for?
We told them what the top of our budget was and they approved us for that. The guy even told me he could give me an approval letter for less money for negotiating purposes, but we didn't want to risk losing anything so we opted not to do that...
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| Posted 11/9/10 8:31 PM |
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Re: Did you get approved for more than you qualified for?
let's put it this way.
they were all set to approve us for 110k more than we spent.
if we had done it their way, it would suck
they ALWAYS approve you for way more, IMO. They won't ask you your lifestyle choices or how many vacations you want to take a year, or if you like to shop for shoes often, etc. They go just by bills and outstanding debt.
We could have swung it, but my life would be bare.
I wanted a house, but I also wanted a life.
In fact, we had them re-write the mortgage approval amount (to show real estate agents and buyers) to be LESS, because how could we negotiate a home down to a good price if it looked like we were more than able to afford it?
Message edited 11/9/2010 8:55:11 PM.
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| Posted 11/9/10 8:54 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Did you get approved for more than you qualified for?
We were approved for $125k more than we wanted to spend, so I asked them to put a lower amount on our qualification letter.
We wound up spending $100k less than what we qualified for.
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| Posted 11/10/10 9:41 AM |
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MrsStein
LIF Adolescent
Member since 9/05 692 total posts
Name:
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Re: Did you get approved for more than you qualified for?
Yes. But, we had our pre-approval letter written at the amount we were planning to offer based on what we wanted to spend. Our loan officer suggested this and it worked out.
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| Posted 11/10/10 2:30 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
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Re: Did you get approved for more than you qualified for?
Posted by HeatherRose
no, it was the reverse for us, they qualified us for much more then we were willing to spend, but that was with a mortgage boker. when we worked with a bank they only qualified us for what the house was selling for. we attempted to buy 3 houses and each one was a different price. each time the bank only gave us a letter for the amount of our accpeted offer.
Same. If we bought what they said we could by, we would be homeless in 6 months. Nevere would we be house poor.
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| Posted 11/10/10 2:40 PM |
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