How hard is it to get pre-approved for a mortgage now? Here's my scenario: I have 12k in savings, 5000 in

Asked by Jguy, New York, NY Fri Feb 6, 2009

401k/Roth IRA, credit score of 610 middle among the 3 bureaus. I am trying for a $60 -100k loan. I make 13k/month gross not including bonus, I owe 100k in student loans and maybe 2k in credit cards. The property I am interested in a duplex for investment purposes only in Florida. Do I stand a chance? From what I have been reading it seems its harder for people more financially sound than I am to get credit. Should I sit this out and save more money or can I go ahead and fight for the homes I have been eyeing?

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Nancy Doyle, Agent, Cape Coral, FL
Fri Feb 6, 2009
You may very well have a chance. If you are interested in Southwest Florida, I have a great mortgage guy that would be happy to see what options you have. He could probably help you in any part of Florida but some loan specs are location specific. Shoot me an e-mail if you would like his name and number.
Have a great day,

Nancy Doyle
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Marty S, , Irvine, CA
Fri Feb 6, 2009
It's a tough deal, but not impossible. I would sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Justin & Kat…, , Hickory, NC
Fri Feb 6, 2009
I suggest speaking with a bank to see what you can afford. Interest rates are low - so it's a great time to buy!
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