Asked by Justlooking, Tulsa, OK • Wed Dec 29, 2010
My boyfriend and I (not married) are looking at buying our first house. We have not attempted to get preapproved for a loan. I'm hoping someone can assess our situation.
*Combined Gross Income: $52,0000 (Aproximately $4,400 Monthly)
*Monthly expenses: Approx $1,400.
*We work for the same company. I've been here 3 years. He has been here 4 years, however he briefly left this job to work for a different company for 7 or 8 months until he was laid off, at which time he came back to this employer.
*He has a credit score in the mid 700s and no negative info on his credit report.
*My credit score is in the low 700s. I had a car repo-ed 4 years ago, which is still on my report.
*He has over $1,000.00 in his savings and several $100s in his checking.
*My checking is usually in the lower $100s at any given time. I have a few thousand in savings and a $5,000 CD
*We have a shared savings with $1,000
What are our odds of qualifying for a mortgage loan given the above information?
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