do you think i ca get approved 4 a mortgage loan 4 135k if i make 25k and my husband make 28k. we have been?

Deal Score0

renting the home and paying the whole mortgage 1078 a month and now want to purchase the home.. we have no dept he has student loans 18k-20k but its deferred. i just dont want to rent anymore i would rather own being that we pay the whole mortgage anyway

The couple said they hadn’t paid their mortgage in like 6 months and almost considered leaving the house. But they got a loan mod for 4%. I want one too. I never get these kind of offers. Do I need 20% down? Is that why? It must be an ARM I’m sure….

5 Comments
  1. Reply
    healthspot_2000
    February 5, 2011 at 6:27 pm

    yes, there should be no problems with that. But let a broker or a bank look at the WHOLE situation first!

  2. Reply
    John David G
    February 5, 2011 at 6:40 pm

    yes, private loan off

  3. Reply
    sctajock
    February 5, 2011 at 6:58 pm

    A lot of it is based on your debt to income ratio. when they say debt it is usually any car payments, monthly credit card bills and so forth. Lenders don’t like to see anything above 35%-42%. That means 35% to 42% of your total income is going towards debts excluding utilities, food, and clothing expenses. With an annual income of $ 53k it should be fine, the monthly payment shouldn’t be over $ 850 with an annual interest rate of 6.5% at a 30yr fixed, hope this helps!

  4. Reply
    Leo F
    February 5, 2011 at 7:46 pm

    Banks are not giving 4% loans to anyone.

  5. Reply
    efflandt
    February 5, 2011 at 8:17 pm

    It is sort of a 2 edged sword. To get a special deal you either need excellent credit, or have to make them think they will get nothing at all. But in the latter case you trash your credit, and if you can get any other credit, it will cost you big time.

    4% is not totally unreasonable. Variable rate on the free HELOC WaMu gave me when I refi’d in 2005 is currently 4.5% and Chase is still giving away 0% credit cards (I forget when that rate expires on my Chase Freedom card). Actually those are both Chase now.

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