I have a credit score of 650 and make 46000 with 855 in debt each month. My girlfriend has 550 in monthly debt making 45000 with a credit score of

Asked by Bobby52549, Des Moines, IA Fri Jul 2, 2010

720 but just started a job within the last month. Would we qualify for a mortgage and approx how much?

Help the community by answering this question:

+ web reference
Web reference:


Anna M Brocco, Agent, Williston Park, NY
Sat Jul 3, 2010
Start by visiting with any qualified loan officer(s), he/she can best advise based on your total financial picture--Lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
1 vote
Alma Kee, Agent, Tampa, FL
Sat Jul 3, 2010
Hi Bobby,

http://www.AimLoan.com is up-to-date with local practices by the county within Iowa.

It's smart to "shop around" before you decide on a lender and now with the new Good Faith Estimate requirements you can easily compare competing loan offers.

http://www.AimLoan.com also provides quality customer service and you will get your closing documents emailed to you well in advance of closing. It's amazing that many lenders get the loan documents to the closing just hours before closing with today's technology but I see it happen every day--especially with mortgage brokers.
0 votes
Lynn Carlson, Agent, Altoona, IA
Sat Jul 3, 2010
I am a local rea estate agent and can highly recomend Tyler. It would be my advise for you to work with a local lender as many out of state lenders are not aware of some of the Iowa laws. One specific example is that we do not have title insurance in Iowa, we use attorney's for Title Opinons. As a result we don't have Title Insurance but Title Guarantee, we are the only state in the nation that has this and working with out of state lenders can be a hassle.
One you are approved, I would love to show you homes that fit your crieteria!
0 votes
Tyler Osby, Mortgage Broker Or Lender, Urbandale, IA
Sat Jul 3, 2010
It sounds like you'd be a qualified borrower. The specifics of what you qualify for would be best determined once you know what type of loan you're doing. Some of the questions you'd want to sort through to determine the type of loan is how much money you'd like to put down, how long of a mortgage you'd like to get (15 year, 20 year, 30 year) among others.

If you'd like me to help you out, I'm a local lender (Des Moines) and I'd be happy to sit down with you and your girlfriend to figure out how much you'd like to spend each month. It's interesting, I find most buyers qualify for more than what they really want to spend, so it's best to work things backwards.

Feel free to email me or call me with any questions! I can also help connect you with a good local Realtor to help you find a home if you haven't already.


Tyler Osby
Branch Manager & Loan Officer
0 votes
In Iowa, it is always best to use a local lender! I've had people who went on line for a better rate but, in the end, it was a bait and switch and they had to start over locally. As stated, non local lenders do not know closing in Iowa! Do yourself a favor and go local! Your Realtor will love you for it!!

Stella Lane, Realtor
Licensed to Sell Real Estate in the State of Iowa
Realty Xperts LLC
4230 Fleur Drive #2
Des Moines, IA 50321
Cell Phone 515 988 5263
Fax Phone 515 244 0353
Flag Mon Mar 19, 2012
Alma Kee, Agent, Tampa, FL
Sat Jul 3, 2010
You can go to http://www.AimLoan.com and find out exactly what you can qualify for. They lend in Iowa and are one of the lowest cost lenders with excellent service. They can also give you a loan "committment letter" which makes your offer very strong because it is not a simple Prequalification or Preapproval, it's almost as strong as a CASH buyer.

They are a direct lender and not a mortgage broker that does not actually lend money.

Here is a very helpful website about mortgages:


Hope this helps.
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Sat Jul 3, 2010
Talk to a lender. You may go to your bank or get a recommendation. You will find out how much you qualify for to buy AND most important to the process of home buying you will get a pre qualification letter. Once this happens, you know exactly what you qualify for and where to look. Once you find the perfect property, you will make an offer. That offer will be accompanied with an escrow check (earnest money) and the pre-qualification letter your lender provides. It shows the seller that you are ready, willing and able to buy.

Good luck on your search!

Debbie Albert, PA
Coldwell Banker Residential
Web Reference:  http://www.ronanddebbie.net
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more