Would I be approved for a mortgage loan?
I know no one on here can tell me for sure, but I wonder if I would qualify for a mortgage loan of roughly speaking $90,000-115,000? I make in the upper $30s a year, am young at heart and single, have no debt and perfect credit and would be putting down at most minuscule 20%.
My dad thinks because of the current economic situation I might not be approved for a loan. I'm lately curious if this is true? If I weren't approved, could I have someone "co-sign" for me if necessary? I freshly want to cover all my bases and be prepared when I really do travel out there looking.
It doesn't hurt to try. Is your perfect credit "new" credit or already established credit? Have you ever have any debt that you paid off or something to show that you payment your bills on time? Like credit cards paid within full every month and so on?
5% down is now the new 0% beside some banks. If you are putting 20% down your chances of qualify for a loan of that amount are pretty good. FHA loans are more friendly towards homeowners. You can see how much they will prequalify you for. You can even start by applying for a mortgage online with your current wall to get a feel of not with the sole purpose how much you will qualify for, but more so especially at what interest rate. I'd stay away from having someone co-sign, especially for a loan of this magnitude. I don't know how have a cosigner would affect the interest rate of the loan also. If you are not approved, it will not be because of the economic situation but because you personally did not assemble the lenders' criteria. So long as you are not buying too much house and can afford the monthly payments, I think you'll be ok. Source(s): I bought a house last month.
The lenders salivate when somebody similar to you applies for a loan. Yes, you certainly would qualify for a loan. The only put somebody through the mill is how much? I use the 3x rule of thumb. That means you can afford to buy a piece of property that is three times your annual income. For you that would be just about $115,000. That rule is conservative. Without dependents you can stretch it to three and a half or about $130,000. The loan at 80% would be $104,000. Would you qualify? I give attention to so. Just my opinion. Good luck!
Your dad is incorrect. You will be approved for a 30 year fixed if the credentials you provided is in reality true. You are the perfect borrower if your credit score is 720 or superior. Go for it! There's no better time then now. You might even capture a steal on a great property with all of the foreclosures going on right presently. Get yourself a real estate agent and get cracking. Good Luck! Source(s): Me, residential mortgage closer for 7 years
if you honest nearly your credit, you have a great shot, but everyone says that hold great credit and having no debt is not necessairly a good piece. go to www.fha.com or www.fha.gov to check out qualifying, first time home buyer programs and the mortgage process surrounded by general, there are some great tips here. I would be chary about the co-signor part, especially kinfolk, that can get sticky and ugly within a big hurry, especially if they need to buy or refinance. Do research, get up to date with terms surrounded by the industry, know what your goals and dreams are. go to bankrate or move.com, use the mortgage calculators, run the numbers on a 15, 20, and 30 yr mortgage, see the difference contained by the total amount financed. Learn what you can, ask questions, then receive a solid decision. Buying a home and paying it off like greased lightning are a tremendous avenue to starting your retirement, I know that sounds odd, but if you pay your home stale when your 45-50, what a great nest egg to sit on. Hope this helps, good luck and ask question if you need to Source(s): mortgage broker
"> You sound similar to an excellent candidate for a loan. Now is a buyers market....hop on the train!
(A Maine Realtor)
Depends on the guard, but my experience is YES you'd get the loan. You may need to run for a 30 year fixed to start, but it's possible.
here is a cool site to see all sorts of financial calcs like the one you have need of:
http://www.drcalculator.com/howmuch/
Be prepared to find a roommate in the beginning to relieve off set the costs and to ensure you can easily product the payments. You can also use the extra cash to pay sour additional principle - that always make a good impression on the dune. Source(s): My first house was 198,000 and we were solely making 50K at the time. We went to a small hometown bank and promised to never be tardy - and kept that promise.
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My dad thinks because of the current economic situation I might not be approved for a loan. I'm lately curious if this is true? If I weren't approved, could I have someone "co-sign" for me if necessary? I freshly want to cover all my bases and be prepared when I really do travel out there looking.
It doesn't hurt to try. Is your perfect credit "new" credit or already established credit? Have you ever have any debt that you paid off or something to show that you payment your bills on time? Like credit cards paid within full every month and so on?
5% down is now the new 0% beside some banks. If you are putting 20% down your chances of qualify for a loan of that amount are pretty good. FHA loans are more friendly towards homeowners. You can see how much they will prequalify you for. You can even start by applying for a mortgage online with your current wall to get a feel of not with the sole purpose how much you will qualify for, but more so especially at what interest rate. I'd stay away from having someone co-sign, especially for a loan of this magnitude. I don't know how have a cosigner would affect the interest rate of the loan also. If you are not approved, it will not be because of the economic situation but because you personally did not assemble the lenders' criteria. So long as you are not buying too much house and can afford the monthly payments, I think you'll be ok. Source(s): I bought a house last month.
The lenders salivate when somebody similar to you applies for a loan. Yes, you certainly would qualify for a loan. The only put somebody through the mill is how much? I use the 3x rule of thumb. That means you can afford to buy a piece of property that is three times your annual income. For you that would be just about $115,000. That rule is conservative. Without dependents you can stretch it to three and a half or about $130,000. The loan at 80% would be $104,000. Would you qualify? I give attention to so. Just my opinion. Good luck!
Your dad is incorrect. You will be approved for a 30 year fixed if the credentials you provided is in reality true. You are the perfect borrower if your credit score is 720 or superior. Go for it! There's no better time then now. You might even capture a steal on a great property with all of the foreclosures going on right presently. Get yourself a real estate agent and get cracking. Good Luck! Source(s): Me, residential mortgage closer for 7 years
if you honest nearly your credit, you have a great shot, but everyone says that hold great credit and having no debt is not necessairly a good piece. go to www.fha.com or www.fha.gov to check out qualifying, first time home buyer programs and the mortgage process surrounded by general, there are some great tips here. I would be chary about the co-signor part, especially kinfolk, that can get sticky and ugly within a big hurry, especially if they need to buy or refinance. Do research, get up to date with terms surrounded by the industry, know what your goals and dreams are. go to bankrate or move.com, use the mortgage calculators, run the numbers on a 15, 20, and 30 yr mortgage, see the difference contained by the total amount financed. Learn what you can, ask questions, then receive a solid decision. Buying a home and paying it off like greased lightning are a tremendous avenue to starting your retirement, I know that sounds odd, but if you pay your home stale when your 45-50, what a great nest egg to sit on. Hope this helps, good luck and ask question if you need to Source(s): mortgage broker
"> You sound similar to an excellent candidate for a loan. Now is a buyers market....hop on the train!
(A Maine Realtor)
Depends on the guard, but my experience is YES you'd get the loan. You may need to run for a 30 year fixed to start, but it's possible.
here is a cool site to see all sorts of financial calcs like the one you have need of:
http://www.drcalculator.com/howmuch/
Be prepared to find a roommate in the beginning to relieve off set the costs and to ensure you can easily product the payments. You can also use the extra cash to pay sour additional principle - that always make a good impression on the dune. Source(s): My first house was 198,000 and we were solely making 50K at the time. We went to a small hometown bank and promised to never be tardy - and kept that promise.
Related Questions: