Sophiaolga, Home Buyer in Los Angeles, CA

What an I get for 100,000 cash down,600 score and full time student?

Asked by Sophiaolga, Los Angeles, CA Sat Oct 1, 2011

First time buyer.

Help the community by answering this question:


Anna M Brocco’s answer
Consider employment before making any purchase; lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Sat Oct 1, 2011
Do you have a reliable source of income? If you have a job, you may find a loan. Your score isn't bad, but it could be improved too.
If you are a non-working full time student, how would you be paying a mortgage? Student loans, grants and scholarships would not be considered as income for mortgage approval.
0 votes Thank Flag Link Sat Oct 1, 2011
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