sepiabelle1, Home Buyer in Brooklyn, NY

I have so-so credit. I make 62,000 at my day job and another 10,000 per year doing freelance work. Should I buy now or improve my credit?

Asked by sepiabelle1, Brooklyn, NY Thu Jun 21, 2012

Also, I pay $350 in student loans, $390 in car payments and $160 for a timeshare.

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First Last, , 90002
Sun Jun 24, 2012
I'll suggest a third goal: Save up more money.

Also, make sure you are declaring all that freelance income on your income tax returns.

I once met a professional who earned well into the six figures, but only reported about 1/2 of it on her tax returns. She had a very difficult time understanding why the bank wouldn't give her the mortgage she thought she deserved, and she was quite angry about it, too. Try as I might, I just couldn't get her to understand that tax evasion is not something banks like to see on a mortgage application!

You're definitely in the right track. You could visit a bank or two and see what they can offer at this time, and ask them how a better FICO or a bigger down payment would change the picture.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
1 vote
Janet Nation,…, Agent, Baldwin, NY
Thu Jun 21, 2012
First of all what is your credit score? Your credit score is only one component of what any lender of choice will be looking at. Other factors to be considered will be your debt, income, and work history. You might be able to defer your student loans payment if you are currently at school because between that, your car note, you have a lot of monthly debt in relation to your total income, and house payments haven't even been factored in yet. Speak to lender for confirmation.
1 vote
Israel Wittow, Both Buyer And Seller, Brooklyn, NY
Sun Aug 19, 2012
I recommend to wait a bit, and buy three family that will help you with the income.
Hope I help.
Thx Izzy.
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Sun Jun 24, 2012
First you should speak to a mortgage professional. You should get all the information before you make your decision or to create a plan for the future. If you would like to discuss this further or need assistance in the future contact me anytime
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jun 22, 2012
For a personalized answer do visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri Jun 22, 2012
Good morning sepiabelle1,

Your best course of action to get the right answer to your question is to meet with and get prequalified by a Local Mortgage Banker. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. A credit report is part of the prequalification process, so you'll review the report with your Mortgage Banker to get guidance on both whether you are qualified with your credit today, or if you need to take steps to improve your credit and prepare for a home purchase in the future.

Trevor Curran
NMLS #40140
0 votes
Allison Fish…, Agent, Ann Arbor, MI
Fri Jun 22, 2012
It depends on what your credit score actually is and what type of home (including how much you want to be preapproved for) you want to buy. The only way to know for sure is to contact a lender in your area and seek advice from them. You do not have to be ready to buy to ask them questions - they can guide you through your options and what would be the best decision. Good luck!
0 votes
Valarie Phil…, Agent, New York, NY
Fri Jun 22, 2012
Good morning,

Your debt to income ratio may be high after adding mortgage..
The best way to find if you are mortgagable is to sit with a mortgage specialist.
Then you will know what price range is comfortable for you.
0 votes
Luke Constan…, Agent, Brooklyn, NY
Fri Jun 22, 2012
In this day and age withof all banks being not too quick to give out loans, your credit score is very important. My advice to you is to go to a mortgage broker aand have them see if you are able to get a loan and for how much comfortably. The service is free to you and will let you know where you stand.

Good luck!
0 votes
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