Can I still get a mortgage with low weekly wages depite assets?
Here is my story: For the past year I have had many tribulations such as child custody issues, death of my father at 51 etc.. my weekly wages are not impressive due to extensive travel for personal issues. I have a credit score of 650 and my assets not including wages (which is minimal) are around 360000. Since my wages are low for this year does this discredit me for getting a mortgage for 100K?
Mom2son,
Your weekly income requirement for a $100k will be greatly influenced by your other debt factors. Here's the short answer: can you get a $100k mortgage with 650 credit and declining income? It depends... if you have low monthly debt payouts (credit cards, auto loans, etc.) and your income is relatively stable you should be able to get an approval.
I can give you a better idea of what you'll qualify for if you like, I work in the Qualification Department of a direct-lending mortgage bank in New Jersey. Good luck!
Kind regards,
Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
http://emortgagemanagement.com/?page_id=72
USDA direct is great for that in rural areas. RI Housing is also good. Have you tried these?
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