Financing in 94597>Question Details

cadillacrazy, Home Buyer in Walnut Creek, CA

If I try to qualify with someone who may have too high a debt ratio, then try to qualify on my own, will the previous attempt be held against me?

Asked by cadillacrazy, Walnut Creek, CA Thu May 24, 2012

I want to buy a home, but on my own don't think I'll qualify for the amount of home I want my BF has a high debt load, but a good credit score (720), I have no debt and good credit. Combined we make $153k and we have $40k for a down and are looking for a $470-525k home in the SF Bay area. I don't think I can qualify for that amount on my own (95k/yr), but he has over 30k in debt. If we try to get approved together, will that hurt my chances of getting approved on my own for something less expensive? and if so, how long would I have to wait to get approved on my own?

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Emil Huang’s answer
We have in house lender. Would you like me to have him to contact you? If you want to talk with him, would you like me to make an appointment for you. Please let me know how we can help you.

Emil
0 votes Thank Flag Link Sun Jun 3, 2012
No, in fact the loan officer that reviewed your file should have been able to tell if you could qualify without him. You do not necessarily have to go somewhere else if you are happy with your current lender. Just ask him to see what you qualify for on your own :).
0 votes Thank Flag Link Fri Feb 21, 2014
I am a Realtor. I suggest you to contact a lender for answers. If you need a lender to talk about your situation, please feel free to contact me. Please contact me any times you are ready to find a house, I am alway be there for you. Emil
0 votes Thank Flag Link Sun Jun 3, 2012
Absolutely will not effect you on your own.
Very important factor to know your down payment to give you the best target loan amount.
If you can give me that, I can tell you what your loan amount could be! :)
0 votes Thank Flag Link Fri May 25, 2012
40k
Flag Sun Sep 16, 2012
Hi Cadillacrazy,
I assume that you are referring to having your credit report run twice for the two scenarios may impact your chances of getting approved for a mortgage loan?

I have been involved in transactions where a buyer has had to deal with this type of situation. The buyer's lender asked for a letter of explanation regarding the multiple credit report checks as a condition of approving the loan. Since all the credit checks that were performed were associated with the buyers objective of obtaining financing for a purchase loan, this lender condition was satisfied.
Of course, there is no right answer as everything is case-by-case. This is a question that a loan officer can answer for you. If you haven't already consulted with a loan officer I'd be happy to put you in touch with some great loan officers that can answer specific questions about your situation.

I'd be happy to speak with you to discuss further.

Miguel G. del Barco
(925) 478-9545
Alian Pinel Realtors
mdelbarco@apr.com
DRE Lic # 01815815

Good luck with your home search.
0 votes Thank Flag Link Thu May 24, 2012
Hello,

Let me start by saying that you should get fully qualified before answering this question. Additionally, I would figure out what your short term solution and/or long term solutions are. With that said and given the information you provided: 95k income, no debt, 40k down and good credit; it seems that you should qualify even if the height of your range.

Keep in mind this answer depends on many variables but you should be motivated to reach out to a Home Mortgage Consultant.

Hope this helps!

Ivan Diaz
Home Mortgage Consultant
idiaz@lhfinancial.com
415-271-7740 cell
0 votes Thank Flag Link Thu May 24, 2012
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