Do you think we can get approved for a 30 year mortgage?

Asked by Josiecat, Wisconsin Dells, WI Wed Apr 29, 2009

Do you think my boyfriend and I could get approved for a 30 year mortgage? We would like to purchase a house $100,000 or under.
I don't know if we could get approved as my boyfriend has so-so credit and I am self-employed. I have $18,000 in the bank, my credit score is 715. I have been self-employed for the last 2 years and make about $20,000 a year. My boyfriend has so-so credit (score of 695 credit score) as he has had trouble in the past with paying his car payment however he now has his car paid off. We would like to move to California (All of my family is there) so he would be going there without a job (however he has been employed by the same company for over 20 years). Do we have any chance of being approved to purchase a house? We have no credit cards or debt or any school loans. We have both our cars paid off and $18,000 in the bank saved.

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Luke Allison, , Asheville, NC
Wed Apr 29, 2009
BEST ANSWER
Josiecat-

Baed on your income (I assume that is your taxable AGI), your credit (I wish everyone had your scores) and the amount you want to borrow I think you are closer than you think to qualifying for a mortgage. Your debt to income ratio looks to be relatively low - which is probably your last hurdle in the qualifying process.

If you need your boyfriend's income to qualify (his credit score is fine) then you may need to have a job secured at least in the form of a job offer letter.

Assuming an FHA loan with 3.5% down and a loan of $100,000, you would be looking the following breakdown

Principal, Interest & MI $590.00
Approx Max Payment Approved $790.00

Insurance and Taxes Est. $200

As long as you can keep those taxes and homeowner's ins down, you would be perfectly fine to qualify on your own. If need be, FHA also allows for a non-occupant coborrower who can help you qualify for income and/or credit purposes.

Please feel free to call me if you have any questions.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
1 vote
Maket Nashvi…, , 37211
Fri May 1, 2009
Josiecat,

I am located down in LODI !!!! I do loans all the time in the Dells! ....You are a perfect candidate for a USDA Rural Housing loan!

I am actually working on two of them right now in the Dells!

Obviously there are ALOT of factors, but let's talk about them!

I dont understand with your down payment size, why you would want to go FHA. Do you understand what PMI is...and if so, why would you WANT to pay it?? I would offer you this...you could either go with 100% Financing through the USDA....or...you have CLOSE to 20% down....and avoid Pmi and go conventional! Credit Scores are VERY important with Conventional loans, but not as important in a USDA loan...nor, an FHA loan as the gentleman from North Carolina states.


My email is Darin@osmwi.com

Phone is 608-592-2227

Thank so much! Good luck!

Darin
1 vote
Tom & Nancy…, Agent, Rhinelander, WI
Wed Apr 29, 2009
Check with a lender. It sounded good until you said you would like to move to California and neither of you has a job in California. That would be a problem. I guess it all depends on what kind of job(s) you get. Your credit scores would not disqualify you for a loan. I don't know where you're thinking of moving in California but it might be difficult finding a home for $100K.
1 vote
Beth Goethel, Agent, Baraboo, WI
Sat Oct 30, 2010
Josiecat,

I think you've probably already gotten your answer but I was going to say that based on the information given, you should contact a lender to explore your options. There are a lot of great programs out there that you may qualify for.

Good Luck!

Beth Goethel, Realtor
Bunbury & Associates
608-548-1058
0 votes
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