Double room with mortgage? Why my “friend” told me that I would not have approved mortgage?

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Okay my friend is 18 years old, college, and working at Best Buy (even if it has savings) or for a mortgage got $ 200K with $ 40K per approved. (The house is for them + their mother, she is splitting the down payment + mortgage with his mother, but she got the mortgage is only in his name because his mother is the cr @ p credit a recent failure) Then there’s my other friend who has a good income (he is a cop), but its credit rating is low to mid-600 … we get a mortgage approval and not mit.Dann his first solo exhibition there’s me. I do moderate-income (over $ 30K/yr), my credit score is 700 to 730, I have no credit card debt and I pay on my way to my car ready for Halloween over 3 years ago (I only have $ 7K on an initial $ 26K). But my male friends said that I can not wait for a mortgage if I get 50% down! Why he had so little faith in me? Esp when others are approved? Is it me good advice or just a fool? ? Ideas Yeah, I thought my “friend” was full of s – t. I wrote this question mainly to prove to myself and to him that he’s just trying to put me down. His name is Rob C. and he thinks he’s a know-it-all, and I think that just because he is capable, an engineer of high-end, was to get the job even before completing the university, while I am literally several years after college graduation before he found something that actually paid more than $ 7.50/hr. I think I’ll show him what his place.

10 Comments
  1. Reply
    daeve930
    May 19, 2011 at 3:02 am

    First, I find it difficult to believe that an 18 year old student who works at Best Buy was approved on her own for $ 200,000 mortgage, no matter how much she put down. They don’t pay enough at Best Buy for that, and her mom’s income cannot be counted if she isn’t on the application. I think she’s feeding you a load of something nasty.

    With a score of the low to mid 600s, a person might get a mortgage but will probably pay more for it.

    As for you, you have a decent score, and a not bad income. If you apply for a mortgage you can afford, you will probably get approved even without 50% down. Your friend is a know-it-all idiot who doesn’t really know it all.

  2. Reply
    lepr0kan
    May 19, 2011 at 3:14 am

    It depends on how expensive the house you want to buy is. If you want a house you can afford and qualify for, say $ 120,000 than you shouldn’t have a problem getting an FHA with only 3% down. If you want a $ 250,000 mortgage than yes you’ll need 50% down.
    Oh and I’d agree with the first answer about your Best Buy friend. A. they don’t pay enough and B. lenders almost always require a 2 yr full time employment history and I doubt she has that.

  3. Reply
    Kat
    May 19, 2011 at 3:28 am

    Is he in the mortgage business? If not, I wouldn’t worry about his opinion.

  4. Reply
    quizzard123
    May 19, 2011 at 4:09 am

    Why would you worry about what this so-called ‘friend’ is saying?

    Go to a bank, ask them for a pre-approval. It is true that you’re not going to get approved for a very big mortgage with your income, but your credit should still qualify you for something.

  5. Reply
    robert w
    May 19, 2011 at 5:04 am

    ur ‘friend at 18’ getting ‘approved’ is a manure type loans.
    as for u visit dave ramsey.com to learn from others hard lessons what the young lady will have to do the hard way.
    other ‘friend’ is manure infested.
    only a bank can tell if u can get approved.

  6. Reply
    daddyporky@verizon.net
    May 19, 2011 at 5:46 am

    you dont need fifty percent down… dont stop saving.. and if you are single dont put a womans name on the deed.. you can get a house with one third down.. and if one bank will not approve you .. try a different bank.. or do like me buy a lot and build your own house its easy.. if you can read you can do anything.. ok gilermo.. a house that is 300thousand.. i can build it complete for about 70 thousand more or les. ok.. gilermo.

  7. Reply
    Jason B
    May 19, 2011 at 5:54 am

    Your friend is incorrect. With what I see you can qualify for a loan. You have the credit score. The next question is what type of money you have to work with to buy a house will but you into the write program. It also appears that you could qualify for first time home buyer programs that have very good rates and low down payments. Call me 800-937-2350 senior loan officer all 50 states. Jason B

  8. Reply
    estielmo
    May 19, 2011 at 5:56 am

    Why listen to friends? Apply and see for yourself.

  9. Reply
    wrlyzu r
    May 19, 2011 at 6:53 am

    Learn all about mortgages here –
    http://mortgage.jims-info.com/

  10. Reply
    Jennifer
    May 19, 2011 at 7:30 am

    Hi,
    I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
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