Getting approved for a mortgage loan?

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My fiance and I want to start looking at condos. We are both 20 years old.

I have been with the same job since I was 16, and he has had the same job since he was 18. I work part time at a child care center and he works full time at an airport. He will be graduating aviation mechanics school in the beginning of December.

We both have good credit established. I have a credit card that I pay off almost as soon as I spend anything on it (I’ve never been late, always early, on payments) and he currently has a car-loan out with the same bank that we are looking to get a mortgage through. He pays it off on time every month, usually paying more than the required amount.

What kinds of things would the bank look for before qualifying us for a loan? The price range we are looking at for condos is 130,000 (at the MOST) but to be on the safe side we would like to apply for a 150,000$ loan.
For a little extra information:

My fiance is currently in the process of sending his resume out to different airports (as I said previously, he will be graduating airplane mechanics school in December). One place that he is pretty sure will hire him is Sikorsky’s (working for the government). He had an interview that went really well, and is currently waiting for a letter which they said they would send in about one month. CURRENTLY he makes a minnimum of 400 dollars per week, usually 500 (usually about two thousand at the end of each month) and I only bring home about one thousand each month. Between the two of us we each bring home about 3,000 at the end of the month.

The man who interviewed him (an informal interview) for a job that he is almost positive he will be getting said that he would be starting off making 600 per week, and that at the end of 90 days he would get his first raise.

I believe that a 30 year mortgage on 125,000 dollars would = about 700 per month.

4 Comments
  1. Reply
    Dr. Deth
    January 19, 2011 at 9:07 pm

    you have to talk to a mortgage broker to see exactly how much house you qualify for – don’t forget to include real estate taxes and insurance into monthly payment. You will need seevbral thousand for down payment and closing costs also

  2. Reply
    Brent
    January 19, 2011 at 9:28 pm

    Hi,

    It seems that you will easily qualify for a mortgage loan. It’s better to go through a mortgage broker to meet the cumbersome loan requirements. Checkout http://mortgage.creditmortgagepro.com for some useful info and tips on finding the right mortgage loan. Good luck!

  3. Reply
    self-employed
    January 19, 2011 at 9:45 pm

    a lender will look at your credit score (which sounds excellent) and your income. Remember, you will have a lot of expenses getting your own place, not just mortgage payment. Also, keep in mind that the larger your loan, the more the mortgage broker makes, so don’t get 100% of what they SAY you can afford. You should prequalify, which means the lender will give you a letter for what you can qualify for, but you still need to apply. I would go house hunting FIRST and do not get a preapproval letter for more than the price of the condo. It will make the sellers think you can pay more.

  4. Reply
    Frank Castle
    January 19, 2011 at 9:56 pm

    You need to wait until he actually finish school.

    If you don’t have a college degree then it will be very dificult to get a mortgage in this market.

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