Evan, Home Buyer in

I am out of college and have started my own business -- I grossed 35000 last year and am looking at doubling

Asked by Evan, Mon Oct 13, 2008

that amount this year. I can show tax forms for last year, but the year before I only made about 10 grand -- like I said, I'm just out of college. My credit score is 648 -- Will I be able to get a loan from a bank for a house? The only debt that I have are my student loans (About 12000 worth) but I can pay those off in cash if I need to -- I just don't really want to because I'd rather put that towards my house. I am able to put at least 25% down on the house that I would like. Do you think I'll be able to get a loan? I would need a loan for about 110,000....

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With 20-25% down and no derogatory credit, there are still plenty of good loans. I would highly recommend you talk to a mortgage officer first, but Ideally, if you can qualify for a 20% loan and put the remaining cash on your student loans, that would be the most financially responsible. This way, you still won't have MI charges added to your loan. We have some fabulous bank properties just available in Mount Pleasant under $150k. Visit our site at housedog.com or my listing site at bryancrabtree.point2agent.com. Call me if you'd like to discuss. 343-4141.
Web Reference: http://www.housedog.com
0 votes Thank Flag Link Mon Oct 27, 2008
Hi Evan - No real estate agent can anwswer this question for you as the mortgage industry is changing on a daily basis. I would recommend speaking with a qualified mortgage person who can get your information and let you know where you stand. Should you need a contact, please let me know and I can pass your name onto one of the brokers that I work with on a regular basis.
0 votes Thank Flag Link Thu Oct 23, 2008
Although I am not a mortgage broker - Iam a Realtor - I feel that money is available in the Charleston area especially for someone who has 25% to pay down. Also, if you have not purchased a home in the last three years you could qualify for the $7500 tax credit. Even if a bank were to refuse you credit there are sellers who are beginning to owner finance if they get a substantial down payment. A mortgage of $110,000 would be about $700 per month and would represent only about 25% of your income. What type of business are you in?
I would be happy to discuss your situation further at your convenience.
Web Reference: http://KenEarnhardt.com
0 votes Thank Flag Link Thu Oct 23, 2008
Hi Evan,
Those are all valid questions. You really need to contact a mortgage lender that you trust to help you find the right type of loan. Most Realtor have a list of loan officers they can refer you to if you don't have one of your own at this time. If you're not working with a Realtor and need some suggestions, contact me and I'll be glad to refer you to a list of loan officers that I know. If you have a Credit Union or bank, that's usually a good place to start.

Good Luck!
0 votes Thank Flag Link Tue Oct 14, 2008
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