My fiancee and I have been looking into housing for approximately 8 months now. We have gone through and done everything from talk to lenders/realtors, and even viewed some houses that we believe are in our potential budget but I’m interested in more accurate estimations than just online calculators.
We are interested in going the FHA loan route. We have a fairly good estimate as to what we’ll be making next year when we relocate, and we want to get an estimate on what we can afford based on that number. I see that most online calculators are geared towards conventional loans and most lenders that we’ve talked to just want us to apply for prequalification without really listening to what we’re trying to explain. We can’t apply for something without the jobs we will have next year, but we know exactly what our monthly debt is.
I don’t understand why this information is so difficult to obtain. What is the difference between running hypothetical numbers that I’ve given a lender, and numbers you pull from a report that will be exactly the same?