im married with 2 kids and my husband is not working, can i be approve for a loan on a 315,000 house?

Asked by Pai, Compton, CA Thu Jan 1, 2009

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Dana Schuster, Agent, Slidell, LA
Fri Feb 13, 2009
Do you have an income of your own? Do you have a down payment? if you have the down payment & sufficient income to meet monthly payments,insurance,taxes & maintenance,you may qualify. An Fha loan will require 3.5% down($11,025) a conventional loan will require minimum 20% down($63,000)And you will need to be able to cover closing costs.
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Marty S, , Irvine, CA
Fri Feb 13, 2009
If you make enough income, sure. Sit down with a mortgage Broker.

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
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Frank Spencer, Agent, Corona, CA
Fri Feb 13, 2009
Your first step to answering this question is to meet with a lender and get yourself pre-qualified. You will be required to provide the lender with proof of income, expenses etc. Conforming rates and FHA guidelines are favorable, so if you are able to substantiate sufficient income and credit history it is immaterial that your spouse is not working. Call two or three lenders and be prepared to provide them with the information and documentation that they need to verify your ability to purchase.

Good luck and enjoy your new home!
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Julie Cleland, , South San Francisco, CA
Fri Feb 13, 2009
The simple answer is yes, as long as you meet the requirements of the lender. In practice, it can be a little more complicated than that. It may be that your husband doesn't have income but may have a great credit score in which case it could be beneficial to add him to the loan. The best thing to do is sit with a lender that will look at your situation collectively and with you alone to help determine the right course of action.
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