Chances of getting loan on $285k house if: 20% down, 740 fico, no debt, $50K salary. 24 y/o college grad and been working at that company for 10mo.

Asked by Skim, 92683 Fri May 11, 2012

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11
Kawain Payne, Agent, Seal Beach, CA
Wed Aug 8, 2012
Skim,

You have been doing all the right thins. With the facts you stated here, you should be able to secure a mortgage loan.

Only a lender can tell you the exact amount you can qualify for and the terms you can get.

I really wish you the best. I get so excited when I see a young person doing what you have done.

You should be very proud of yourself!


Much Success to You,

Kawain Payne, Realtor
0 votes
Birgit O'hea…, , Orange County, CA
Mon Jul 23, 2012
Hi Skim,

Congratulations to you on having saved so much money already. Your interest in maintaining a good credit history and in investing in Real Estate are commendable and you are certainly well on you way to making your first purchase.

To address your question, I strongly recommend that you speak to a lender or mortgage broker directly. Speak to several; all will be able to tell you what you would qualiffy for, but each will differ in terms of the specific products they can offer to best suit your needs and interests. Lenders programs vary and some may offer special programs for first time buyers, for individuals with income limits and some even offer products with financial assistance. While your employment term is imited, some lenders give credit for the years spent in college. Even if you are not able to get a loan at this time, look for a lender that will "coach" you and help you plan the steps you need to follow to get the loan you desire ASAP.

Wishing you all the best. Please let me know if you would like the names of some lenders to contact.

Birgit O'Hearn, Realtor
0 votes
Vinny Tran /…, Agent, Huntington Beach, CA
Sun Jul 22, 2012
Chao` Skim,

Do you have the same line of work in your previous jobs? if YES then how long were you there? if your current job + previous jobs (with same line of work) TOTAL ARE 2 YEARS OR MORE ... Then you are OK, after get your loan approval from lender then call us for a showing appointment we have plenty of wonderful properties in Westminster, Garden Grove, Midway City, Anaheim ... ect ...ect ... that in your price range, for viewing them click here => http://vinnytran.com/frames.asp?URL=http://idx123.realtytech…

Good luck
Vinny Tran / Nancy Do
Mr."Little Saigon" & Associates
CA Broker ID # 01153694

http://www.VinnyTran.com
(714)531-2678
0 votes
Gabino_Barre…, , Lawndale, CA
Thu Jul 5, 2012
Hi Skim,
I’m a Direct Lender and the answer from a mortgage professional and not a realtor is maybe. The short time in your job or your income is not a problem at all. But if the HOA fees are high you might not get it. I could explain if you give me a call. I won’t try to convince you in using me, I only try to help people to get good information in loans. 424-236-1655
0 votes
Lara Gabriele, Agent, Austin, TX
Thu Jul 5, 2012
Hi Skim,
I used to be an underwriter. I know that your salary is a little low,but there are programs that can help you with that. what will really keep you from getting a loan is your work history. they want at leasttwo years. if you were in the military or in college before that they may make an exception. Or if you were in the same industry at a prior job. Good luck.


Lara Gabriele
0 votes
James Deskins, Agent, Worthington, OH
Thu Jul 5, 2012
Not great. Your income isn't high enough. I'd say 70/30 that you can't get the loan.
0 votes
Jovan Simon, , Santa Ana, CA
Thu Jul 5, 2012
Hey Skim,

Your best bet on getting approved with a loan is working with a Direct Lender, I can get your pre approved for financing with in 24-48 hours. And i think you would fit great in a FHA Loan which only requires a minimum of 3.5% down but 20% is great. Please give me a call so we can talk further.

Jovan Simon
Account Manager
In House Lender
714-619-3172
jsimon@inhouselender.com
http://www.inhouselender.com

We have an A+ with the Better Business Bureau
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sun May 20, 2012
Congrats on handeling your credit so well at 24!!!!!

From the info you have provided you should be in good shape getting a loan approval. The amount of your approval as well as interest rate terms and conditions will be determined by the lender you choose to work with.

I would suggest you get approval from a major lender like: Wells Fargo, or Bank Of America.


If you do not have a contact witha lender shoot me an email. I have a great prep at Wells Fargo in Huntington Beach. She is working with two of my clienst, and we are all very pleased with er service.

Best Of Luck to You,

Kawain Payne, Realtor
KawaindPayne@gmail.com
0 votes
Lara Gabriele, Agent, Austin, TX
Fri May 11, 2012
Hi Skim from what you have mentioned your initial pre approval seems good. As a former sr. Underwriter the one thing I would ask for is a full 12 month rental history. You might have to waits the full 12 months for a lender to approve your loan. There are some lenders that will approve a short history you just have to find one that will

Lara Gabriele
9499394876
0 votes
Hi Lara, I've rented for 3 years before but have been living at home for the last 1.5 year to build up the down. I really dont want to go out and rent again. I can probably increased my down to 30% if I live at home for another 3months, would that be better?

thanks
Flag Sat May 12, 2012
Birgit O'hea…, , Orange County, CA
Fri May 11, 2012
Hi Skim,

You've done a fantastic job saving money and I applaud you interest in purchasing your first property - this is a fantastic time to buy! You're off to a great start by determining exactly what you qualify for. As a Realtor I recommend that you contact a lender. I work with a fantastic lender that takes a personal approach in working with clients, he can tell you exactly what you qualify for. He takes time to explain everything you need to know concerning home loans, and will search for just the right product to meet your needs.

If you'd like his contact information, please get in touch with me and I'll provide it to you.

Once you've been pre-qualified, I'd look forward to meeting you to learn more about you interests and needs concerning a property that is just right for you. Thank you for your consideration.

Warmest Regards,

Birgit O'Hearn, Realtor
email: birgit.homesales@gmail.com
cell phone: (949)463-7955
office: (949)916-4988
Windermere Real Estate SoCal
DRE# 01886700
0 votes
Brian Wilson, Agent, Laguna Beach, CA
Fri May 11, 2012
Hello Skim,

Everything looks pretty good from what you shared. You may also want to have your tax returns and recent bank statements at hand as well. Just be ready for a lot of questions and don't make any large purchases or withdrawals until finished.

I am sure yo will have a couple good lenders reply to your message here but if not give me a call and I can refer you to a couple.

Good luck with your purchase,

Brian Wilson, Realtor
949-933-0852 cell/txt
DRE# 01321478
0 votes
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