I'd like to buy a house and the end of 2014. My credit score is 750, but I only make about $55,000. a year. Would I qualify for a loan?

Asked by Denise, Chino Hills, CA Thu Sep 12, 2013

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Elise Timpe, Agent, Corona, CA
Thu Sep 12, 2013
It sounds like you have an excellent chance. When lenders figure your qualifications for a loan, they look at your income and FICO scores, then they look at your current obligations like credit cards, car loans , etc. This is to give a truer indicator of the actual money available to pay a mortgage loan. After taking all of this into consideration and comparing it to the "lender guidelines" put out by the various lending institutions, they can tell you how much you're qualified for and what type(s) of loan you could get. Examples of types of basic loans are: FHA-easier to qualify for, minimum 3.5% down, Conventional-usually 20% down.

Loan types/programs are constantly changing. There are special loans with less down, special perks, etc coming on and off the market continually. Good lenders keep up with these changes and are in the best position to advise you. You can get your questions answered and get a quick idea of the loan amount you could be approved at and monthly payment amounts in as little as 10 minutes on the phone. A good lender can also point out things you can do to improve your results. Don't be afraid to make that call, or even several calls.

Once you make the call and are satisfied that it's time for you to take the next step and become a serious buyer, you'll meet with the lender and bring pay stubs, tax statements, etc. and complete the step of pre-approval. The lender will issue you a pre-approval letter within a day or two, and then you'll be ready to start your search and make offers.

Notice I used the phrase "good lender". Realtors are continually working with lenders on sales transactions and are in a unique position to see who performs and services their clients and who doesn't. Most experienced agents have trusted lenders whom they've worked with and whom are knowledgeable and trustworthy. I can refer you to some good lenders, or you can ask a local agent you may already know.
1 vote
Joyce Barnett, Agent, Corona, CA
Wed Jun 10, 2015
Denise, you have a great FICO score. Keep up the good work. The answer to your question is maybe it all depends on how much debt you have like car loans, credit card debt etc. I have known people that make a lot of money but have major debt or if you own your own business and write off a lot and don't show a lot of income at the end of the year. Call me I am a local Realtor in the area I would be happy to help you.
0 votes
John Lazenby, Agent, Windermere, FL
Wed May 20, 2015
Your credit score is well above the national average.
How much do you have for a down payment?
0 votes
, ,
Wed May 20, 2015
Hello Denise, your fico score and income are great but your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI).

The purchase in Corona start from 129k for 1bd 1ba condo, 169k for 2bd 2ba condo and the single family homes start from 255k for 3bd 1.5ba home which is as low as $1,275 down payment with a minimum 580 fico score @255k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve and you can be emailed listings to fit your search criteria.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

If my response was helpful, consider clicking Thank, Link or Best Answer.
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Wed Feb 19, 2014
This all depends on what the price of the house you are looking at is? Either way it seems to me that your income and credit score is good enough to get you the loan you need. But there are other factors as well that can affect your ability to get a loan. These factors not only include credit score and income but also your employment, assets, liabilities, debt, etc. I recommend you speak with a lender like myself. I have done plenty of loans throughout Southern California and I would be more than willing to speak with you to get you 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
, ,
Tue Sep 17, 2013
Hi Denise

Yes with a credit score of 750 you would likely be able to qualify for a loan. The amount of loan, however, is going to be based not only on your income, but the amount of monthly debts you have - car loans, student loans, credit cards, etc.

In general, the monthly house payment (principal, interest, property taxes, insurance, PMI) plus your current monthly debts should total no more than about 43% of your gross monthly income. So using income of $55k/year, or $4583/month, that would equate to $1970 per month. Subtract your current debts from that figure and this will give you an approximate house payment you could potentially qualify for.

These figures aren't set in stone, and it could be higher or lower depending on a number of other factors. But this could give you a general idea.

For something more firm, contact a lender to discuss things in detail. I would be glad to review your options with you. Feel free to email me or give a call.


Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
0 votes
Gracehomefor…, , Corona, CA
Mon Sep 16, 2013
Hi Denise, it is very hard to answer your question, only because I need more information,
If you have a minute I would like to talk to you, then I will answer your question more accurate
Best regards
Grace Yocky
0 votes
Jory Blake, Agent, Norco, CA
Thu Sep 12, 2013
Of course Denise...However, it will be a modest home if that works. Depending on the type of loan you choose, you may have obstacles in buying a condo/town home . I would recommend starting with a small house and work your way up from there.
In looking at my chart, you would qualify for about 265K but speak with a lender for the exact dollar amount.

Please call if I can help any further, we love buyers!

Jory Blake
Web Reference:  http://www.JoryBlake.com
0 votes
, ,
Thu Sep 12, 2013

I can certainly help you out there. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes
Bill Villa, Agent, San Diego, CA
Thu Sep 12, 2013
Hello Denise,

You should be able to qualify for different types of loans depending on your down payment and debt to income ratio. I would be glad to send you a spreadsheet that my clients have used to get a quick analysis of purchasing ability without going through the loan office process.

Would you call me or send your contact details so I can send you the file without a fee.


Bill Villa - Broker and President
Villa Realty, Inc.
DRE #01758821
(888) 351-4264

Search for homes instantly at http://www.VILLAREALTYINC.com
0 votes
Craig Chasta…, Agent, Rancho Cucamonga, CA
Thu Sep 12, 2013
Depending upon your debt, you should be able to qualify. I can give you some lender referrals who can tell you exactly were you stand.

Feel free to call me anytime.

Craig Chastain
Next Level Realty
0 votes
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