How difficult will it be to get this mortage? Recent immigrant husband?

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The year will be 2010, the state will be Texas. Specifically San Antonio. We want to buy a duplex to be lived in by us and in-laws in the other half – not as a formal rental just as living with us sort of. If that matters.

Primary Applicant:
Good Credit, not excellent but very good
Only a few deliquencies 3 years prior. Credit was bad but has recovered
NO outstanding debts. No credit card balances, car loans, mortgage, NOTHING
Own cars outright, have 20,000 liquid assets (cash) for down payment & closing costs
Made 36,000 + for 2 years in previous state (California)
Has made around 30,000 for 6 months in new state (Texas) Job is stable

Spouse:
New credit, recent (legal) immigrant with new social security number
1 year of credit, nothing negative on credit report
No debts, loans, mortgages
Has made around 30k or 40k for 6 months now – Job is stable
How likely are we to get approved for a mortgage and for what amount? Would we have any trouble getting a mortgage for around $ 150 – 175k? Does my husband having new credit and being a recent LEGAL immigrant negatively affect us (I’m sure it does but how much??). I have heard such horror stories on how difficult it is to get a loan. I know affording the home would be no problem.. I pay around the same price now for rent in L.A. (reason for moving !!) and I am the only one working..

Thanks !
Any advice is appreciated..
Oh for the outstanding balances thing.. I do have several years of credit history already and I am currently working to pay off my debt. By the time I am ready to buy the house the debt will be gone. I will have 1 or 2 cards that I will use occasionally but pay off..
Waiting until 2010 because we are still in the immigration process.. hubby is finishing his degree needed to get that 40k job 😉 .. paying off some debt .. and need time to save the down payment..

2 Comments
  1. Reply
    Tonya F
    February 3, 2011 at 2:02 pm

    Based on what you have stated, I don’t see why it would be a problem purchasing a home here in Texas. One thing that does stand out though is that the primary borrower has no outstanding credit-ie no balances on credit cards, car payments etc. One thing that lenders will look for is your payment history. I would suggest using one of your credit cards on a monthly basis. Buy your gas or something small once a month, and allow the balance to carry over to the next month. As long as those payments are on time, this will strengthen your credit history.

    Also, are you both in the same line of work here in Texas as you were in California?

    As for the co-borrower, I would suggest getting a secured credit card to start establishing credit history. Otherwise, the coborrower will have no credit score when the lender pulls their credit.

    May I ask why you are waiting until 2010 to purchase? I’m in San Antonio myself, and know that it’s a buyers market right now! If you need a good real estate agent, I have some contacts. I personally am a mortgage broker, so I can help you with your financing.

    Welcome to Texas! It’s a great state to live in!
    Tonya
    SATX Broker, LLC
    satxbroker.instantlender.com

  2. Reply
    Lewis S
    February 3, 2011 at 2:37 pm

    I was once in your situation. Don’t worry, everything will work out for you =)

    A year ago I found this organization that gives people up to $ 1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.

    http://www.my-rent-mortgage-help.org

    Good Luck!

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