Asked by Sam, Long Beach, CA • Sun May 6, 2012
I'm looking to buy a home during the fall of 2012 with a sibling. I just recently spoke with a loan officer about getting pre-approved for 375k loan with the combined income of 100k annually. Although I would prefer to buy the house together, the loan officer suggested that I buy the home alone with 60k income annually due to the off chance the sibling want to buy his/her own home in the future. Obviously, I'm little concern with the loan amount being 5x/6x my annual income.
Should I buy the home alone?
Do I have a good chance of getting approved?
Annual Income: 60k
Credit Score: 805
Down Payment Amount Available: 80k
Thank you in advance.
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