I'm retiring in August 08 and I am moving to the other side of the state. I want to buy a house because I

Asked by Jobeth, Yakima, WA Mon Jan 14, 2008

have animals. I am selling a house to do this so I will have 25% to put down. I will have no debts other than a small mortgage on a cabin (21,000) @ 4.75% interest. Will I have any trouble getting a loan on a house that is within my budget?

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Rick Moore, Agent, Kirkland, WA
Tue Jan 15, 2008
Having a good sized down payment is very helpful, especially in the current market. As the others mentioned credit is also a very important factor in your loan approval. As long as you have a credit score of 650 or above, with a down payment you should be fine. The higher the credit score the better off you may be. They will also factor in your income, debt and other critieria but it sounds like you shouldn't have a problem if that credit score is there. Please feel free to check out our website for lender partner referrals, featured listings on the west side of the mountains and search for homes. Please let us know if we can be of any assistance in your home search.
Web Reference:  http://www.rickmoore.com
1 vote
Michael Krot…, Agent,
Tue Jan 15, 2008
Hi Jobeth,

As Ross mentioned there are many factors that will affect the ability to get a loan, most importantly your credit score. On the surface you sound like a solid borrower (large down payment, minor debts) and to further clarify what you would qualify for you would need to speak with a mortgage broker or a bank.
1 vote
Real Estate…, Agent, Port Townsend, WA
Thu Mar 17, 2011
Good day sir, Carol Wise here, from the active Seaport community of port Townsend. Actually 20% would be sufficient I always refer my clients to a lender who is a professional and works solely on your behalf much like I as a realtor work on your behalf. I do believe it's important to shop for both a good rate and a good lender. Your situation sounds like you would be able to obtain a loan and the rates are still incredibly good, what's better is selecting the best place to live. Be sure to check us out!
0 votes
Spokane Real…, , Spokane, WA
Mon Jan 14, 2008
Hey there,
there are many factors in determining whether you can get a loan that you would be happy with. I would need to know a little more about your situation. Where specifically are you looking to relocate to? I can at least point you to a few good lenders. Check out my website below and email me or call me. Thanks!
Web Reference:  http://www.TeamQuintana.com
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