How much mortgage can we get? I would like to try to get a FHA loan and put 5% down OR IDEALLY attempt to get a traditional loan with 10% down.

Asked by NJ, Atlantic City, NJ Tue May 8, 2012

Will we get approved for either and if so, for how much?
My income: 30K on the books (make more in cash), steady work history for 5 yrs
1K in credit card debt only, which can be cleared up in 6 months, no student loans, no
car loans, no other debt.
FICO is 685 but will be over 700 by the time we purchase in septemeber. It dropped
under 700 because of some new accounts I opened but have not used.
Fiances income: 33k (makes more in cash), steady work history for 10 years.
$4,700 in student loan, payment is 75$ a month.
FICO is 582 but we are working on it. He had some delinquencies that we recently
had removed.

My future in laws own a 700k house which they have 17 years worth of equity in, a commercial business property worth roughly 500k which they have owned outright for 8 years and have a high income as business owne

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Annette Levi…, , New York, NY
Tue May 15, 2012
Are you buying your future in laws property? Are you buying residential or commercial?
Your fiance's income cannot be use for a mortgage until their FICO is 640.
You need to speak to a mortgage officer that is only working for you. Together you can figure out what you qualify for and what you are comfortable with.
0 votes
Carol Ruffu, Agent, Northfield, NJ
Tue May 15, 2012
Your financial information above seems to be good. Your comments suggest that you have been searching for a mortgage on line because you seem to be going in several different directions. For a conventional loan you would need 20% down and more than your financial income is important in making your purchase decissions. A qualified Mortgage Agent can approve you for a loan based on not only your income, but also how much you would be confortable paying monthly. Most times buyers will qualify for a higher priced home than they are really comfotable paying when they are qualified online or over the phone and the desicission is based on inbcome & credit score only. I would be glad to help you purchase your first home and we have qualified Mortgage agents in our office to guide you in the right direction. It is alway best to have a Realtor/Mortgage Agent Team to make your home ownership dream come true. I can be reached directly at or 609-457-7397.
0 votes
Robert &…, , Atlantic City, NJ
Wed May 9, 2012
If I may comment sir/mam. This is something your preferred mortgage representative would have to put together. If you are in need of a experienced and dynamic Mortgage person please fell free to call JoAnna and I.
Our Office is Basley Losco iat 1620 Northfield NJ.
Office (609)646-3207
Cell (609)513-4843
Robert &JoAnn Washburn Real Estate Agents
We would be glad to work with you today!
0 votes
Catherine Po…, Agent, Absecon, NJ
Tue May 8, 2012
I am a Realtor but it sounds like you should be able to get some kind of loan. Maybe USDA which is a 0 Down program...Here is my me I will get you in touch with a Mortgage rep who can give you more
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