I found a home for 42,750.&am preapproved. hse. appraised 4 43000, have credit of 747, 2 more car paymts.of 439 and cred.crd of 4230.Will I be?

Asked by Janice Wilchewsky, Middlebury, IN Thu Sep 9, 2010

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ANDREW OLLICK’s answer
ANDREW OLLICK, Agent, NAPLES, FL
Fri Sep 10, 2010
It depends solely on your income at this point. Your credit score is fine, but your income has to be at least double the amount of all the debt including the new mortgage payment, taxes and insurance.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
http://www.andrewollick.com/realestateblog
0 votes
, ,
Fri Sep 10, 2010
One of the requirements for an actual preapproval is that your income and debts are verfied and calculated. That said, your lender should have told you what your max loan amount is. Call him/her for clarity.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Fri Sep 10, 2010
Call the person that pre-approved you. They can let you know if your approval conditions have changed.

Good Luck!

Gerry Dunn
Associate Broker
Licensed in Maryland, Virginia and D.C. - 28 Years

Gerry@MyPotomac.com
0 votes
Patty Wise, , 46540
Fri Sep 10, 2010
Hi Janice, Is your question will you be able to buy the house? Are you concerned about down payment? If you give me a call 574-361-3655, we can look at all of your concerns. We should be able to work something out.
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