Home Buying in Birmingham>Question Details

Arbaraka, Home Buyer in Birmingham, AL

With a credit score above 650 an income of 50k a year, and no debt (except 22k in student loans), what would I pre qualify for?

Asked by Arbaraka, Birmingham, AL Mon Sep 16, 2013

Help the community by answering this question:


To get an accurate answer to your question, you would need to go through the Pre-Qualifcation prcess for a mortgage. There are a lot more factors that go into a mortgage approval that just the things you mentioned.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Mon Sep 16, 2013
One important thing to understand is that lenders like myself would need to look at a lot more details about your finances in order to truly answer this question accurately. In order to see if you are able to be qualified for a loan, we look at factors such as your employment, expenses, assets, liabilities, down payment, etc, all along with credit score, debt, and income. The best way to get an answer to this question is to speak to a lender like myself. I would be more than willing to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Wed Feb 19, 2014
Hi Arbaraka

It may vary depending on your type of student loan; the type of loan you have may in pack your borrowing ability. First I would recommend contacting your financial intuition or a financial intuition of your choice; if you would like I could also recommend one of the mortgage agent I work with directly. If I can help you in anyway please contact me.
Alex Williams
Town Square Realty
Office 205-945-4663
Cell 205-613-0473
Email asewilliams@gmail.com
0 votes Thank Flag Link Tue Sep 17, 2013
Buying a property is a huge life changing event. Knowing what your are qualified to buy is an significant piece of information. Once you have that data, then you get to the fun questions. How much SHOULD I spend? What kind of property should I buy? What locations should I consider? As my life changes, how is this property going to satisfy my needs? This is an area where I can provide a little wisdom, experience and help you formulate a strategy and execute plan that is financially wise and personally satisfying.

I can also hook you up with the lender I have used for my investments. I recommend you check with multiple lenders because rates and terms can vary a surprising amount.

Jim Riley
Canterbury Realty Group
0 votes Thank Flag Link Mon Sep 16, 2013
Call me and I can give you the name of a lender who can answer that question for you. 914-5184 Jean Fountain Re/Max
0 votes Thank Flag Link Mon Sep 16, 2013
it would depend on the monthly payments of the student loans and where you are looking to purchase (taxes and insurance). If you'd like, I can work up a pre-approval over the phone getting the necessary information. Contact me at 205-776-8400 or ekelly@lendtheway.com
0 votes Thank Flag Link Mon Sep 16, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer