Chefjimmyjam…, Home Buyer in Menomonee Falls, WI

Wanting to know if we are ok to be pre approved?

Asked by Chefjimmyjames, Menomonee Falls, WI Wed Jul 30, 2014

My wife and I found a home we like for $130,000. It would be our first home buy. My credit is 713. And we have 20% for down payment. We both have at least 15 years at same job and make 77,000 a year. And combined about 17,000 total debt with most of that car loans. Would we have a problem getting pre approved in wisconsin? The house is in menomonee falls,wi. We love it!

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Based on what you presented you will have a variety of lending options. If you would like to explore let me know.
0 votes Thank Flag Link Thu Jul 31, 2014
For an accurate answer visit with any licensed loan officer, all else is really speculation; be aware that a mortgage pre approval letter is necessary to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Thu Jul 31, 2014
Things look good. I bet you will be able to get a good loan with those financial stats. Since you have a 20% down payment, you will not have to pay mortgage insurance so that is good. If you are planning on staying in the home for more than 5 years, I do not recommend an ARM. Rates are too low right now and any future adjustments will most likely go up. Good luck!
0 votes Thank Flag Link Thu Jul 31, 2014
You should be just fine. Next step is hire proper buyer representation. Contact for a referral to an Exclusive Buyer's Agent in your area. EBAs are consumer advocates for the homebuyer, and there is no additional cost to you for their services.

Don't Let The Make a Monkey Out of You! Follow the link below.

Alysse Musgrave
Consumer Advocate
Exclusive Buyer's Broker
0 votes Thank Flag Link Wed Jul 30, 2014
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