I would be approved for a mortgage?

Deal Score0

I have a nanny for 3 years, whereas only 3 months on the table .. I paid 650 to one week. My mother has with her work for 8 years and to 25,000 per year. We have credit ratings ok .. To 621 as we have about 5,000 as a deposit. We do not have big bucks … no car loans .. very little debt credit card 300.00 … I thought of a student loan 7000 .. but I have very little to pay on a monthly basis. Are we eligible? We, like 150,000 starter home .. we live in New Jersey, and we found some good homes at low cost.

5 Comments
  1. Reply
    richard t
    February 4, 2011 at 8:28 pm

    620 is not a very good score. 5,000 down on a 150,000 is just slighlty over 3%. There are some FHA programs that only require 3% down but you have to pay about 2.5% upfront and some of the closing costs. Thus, you are at least 5,000 short and you will only qualify for a monthly payment that is about 30-35% of your reported earnings. For FHA loans you usually have to have a minimum of two years on the job as well. the quickest way to find out, is to fill out a pre-approval mortgage application online. It sounds like they will say no though.

  2. Reply
    Iffy
    February 4, 2011 at 9:17 pm

    680 is the lowest acceptable score. You have not been paid legally for two years and Mom’s income is inadequate. 5k just about covers the closing costs.

  3. Reply
    Expert Realtor
    February 4, 2011 at 9:55 pm

    You cannot commit tax evasion and then try to claim you have had a job…the IRS doesn’t work that way and neither do mortgage banks.

    Student loans are NOT forms of income, they are loans, so banks don’t accept them.

    You are not going to qualify for a $ 150K home..your Mom (not you…you won’t be able to qualify for anything)…would probably get approved for a home in the $ 70K range at that salary.

    PS: Iffy is wrong…Banks will approve an FHA with a credit score as low as 586. I really wished people that don’t work in the industry would stop posting answers.

  4. Reply
    loanmasterone
    February 4, 2011 at 10:37 pm

    Though 620 might not be a good score there are some lenders that would consider lending with this score as well as take into other things in consideration to offset your score. One is debt ratio which might be lower than required.

    Applying for a FHA mortgage loan might be the way to go as they have a program as low as 3.5% down. With the closing cost there are many sellers that would pay a certain percentage of that cost. have your real estate agent ask the seller for 100% closing cost. The seller will either say yes or make a counter offer as to what percentage or dollar amount they are will to may on your behalf.

    There are many things you should do, the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

    You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

    He will inform you of what is necessary once you contact him.

    This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

    You would not know if you would be approved for a mortgage loan unless you apply, therefore you should apply as soon as possible.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  5. Reply
    David Huyton
    February 4, 2011 at 10:47 pm

    Hi i had the same trouble getting my mortgage until i come across 50k funding it only cost me less than £5 and u dont need good credit and its recommended by meany here is the link hope it helps you on your way to sorting your mortgage http://tinyurl.com/3283lye hope it helps good luck

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