Mortgage Question *Really Need Help*?

Deal Score0

So my boyfriend and I are considering getting a place together, we are just worried that we won’t get approved for a mortgage.
Gross he makes something like $ 52000. I have a part time job but my hours vary alot so I’m not sure what my gross income is.
We are currenlty looking at a place that is $ 200 something, payments are $ 515 biweekly.
I’m getting a credit card, but I don’t have any credit yet. My boyfriend has had a credit card for about a year and has been paying off his car loans and student loans, but I’m not sure what his credit score is.

In your opinion do you think we will get approved for a mortgage?
Oh I forgot to add. We will probably only be putting about 5% down (maybe a bit more) depeding on the possession date.
I have no debt. He has car loan and student loans (like I mentioned above). The property is worth 270 000
and we are putting down at least 5%.

  1. Reply
    April 29, 2011 at 11:52 pm

    How much is your down payment? What other debt do you have? How much is the property worth?

    It is hard to answer questions like these without more information.

  2. Reply
    Victoria M
    April 29, 2011 at 11:54 pm

    You want to take into account your utilities, interest rate, taxes, mortgage insurance, as well as all of your other expenses before deciding on a place. I dont have a lot of credit- or the highest credit score- i make 31,200 a year in FL and i was pre-approved for 143,000. Make sure you check with at least three loan companies or banks before deciding on any one loan. if this is your first home you are eligible for up to an 8,000 grant toward your first home. your loan officer can help with that as well.

  3. Reply
    Brian Brumpton
    April 30, 2011 at 12:22 am

    There are multiple programs available to you. I would advise you to talk with a mortgage professional and let them present your options. These consultations should be free to you.

    You may want to look at and FHA loan as it is not based off your credit score.

  4. Reply
    April 30, 2011 at 12:57 am

    if he has been current all along then it could happen but never put your name on a mortgage note or co sign any note till you are wed or you have a contract drawn up in case of a split as this could be very very harmful for you or him down the road. I see this all the time in these post. protect yourself and him as well.
    Good luck
    I am a mortgage banker in TN

  5. Reply
    Sandy W
    April 30, 2011 at 1:29 am

    I heard Suzie Orman give some good advice the other day….finance your home using only one wage earners income, and save up the rest. I think that is great advice. Relationships become strained over money matters and you sound too young to be stuck at home with no discretionary income….

    My advice would be not to buy together until you are married. How will you take title, who will get the house if you split up. If he is making the bulk of the payments what equity will you earn, and how will he compensate you if you do not stay together. Where is the 5% coming from? If you have no credit history the lender may not want you on titile.

    find a good lender, get pre-qualified and think about your goals….
    Perhaps you could have a parent help you with the down payment because with 5% down you will have Payment Mortgage Insurance
    (PMI) and don’t forget to figure out your taxes, and insurance needs.

    Make an agreement about what you will do when it is time to sell if you are not married yet.

  6. Reply
    Fort Sill Army Wife
    April 30, 2011 at 2:01 am

    Are you asking if you will get approved for a 270,000 mortgage making only 52,000 a year? If so the answer is no way. At the most your mortgage should be 3 times your yearly income 3 x 52,000 is 156,000

    Leave a reply

    Register New Account
    Reset Password