Nyc4free?, Renter in New York

Should I wait to buy a home if I have some debt?

Asked by Nyc4free?, New York Thu May 16, 2013

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allan erps,A…, Agent, Pearl River, NY
Fri May 17, 2013
Debt Ratio plays into the Mortgage situation but your income, employment & credit history in total are all elements that play into getting a loan. Professional Mortgage Broker or your local Bank can help you figure it out & best of luck!!
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Anna M Brocco, Agent, Williston Park, NY
Fri May 17, 2013
Depends on how large your debt is; without much information, for a personalized answer visit with any licensed loan officer....
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Joseph Roraff, Agent, Onalaska, WI
Thu May 16, 2013
This question needs to be more specific. You would want to know exactly how much debt you have and what your monthly income is. That is debt to ratio and that usually determines if you are eligible for a loan or not.
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Steve Parsons, Agent, Salisbury, MD
Thu May 16, 2013
Depends on your definition of some debt. When you apply for a mortgage, they are going to pull up your credit report and see just how much debt you have. A mortgage accounts for about 28% of your income per month and if you cannot afford that, you probably won't qualify for a mortgage.
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