What are my chances of mortgage approval?

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I’m looking to buy my first house. small house $ 65,000. Find beautiful already. The problem is that in only 19th but I’m ready for 23 percent down payment and have more money for closing costs. Only with the construction loan. My mother will sign the cooperation or co-borrow the loan for me. She has excellent credit. We have two permanent jobs. We both have no mortgages, including most offshore cars.last years I have only $ 15,000 and my mother was paid $ 30,000. What are my chances please help?

4 Comments
  1. Reply
    madtom2020
    April 29, 2011 at 11:27 pm

    You are looking at a .77 loan-to-collateral-value. That’s pretty good. A 50000 mortgage would probably be less than $ 400 a month. Still, with your income, that might be a little tough. If you mom signs, and your figures are correct, I think you’ll get it.

  2. Reply
    Tracker
    April 30, 2011 at 12:00 am

    Things have changed in the “lending” world, but you sound pretty solid. If you have 23 % of the asking price (65000.00) which would be almost 15,000 you seem to be in good shape.
    Roughly your payment shouldn’t be over 25% of your income, and all your bills plus your house payment added together shouldn’t be over 35%. It’s easy to figure yourself. These are the standards we used when I was a loan officer, and they are probably pretty close to that today.
    Don’t go to a mortgage broker. If you do you’ll end up paying way too much in closing costs. I hope you have a bank where you do business and if you do, visit with them. They can tell you if you qualify in just a few minutes. A bank is always the best place to get a loan — or a credit union. A credit union is good and their rates are usually a bit lower.

  3. Reply
    Matter
    April 30, 2011 at 12:39 am

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

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    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  4. Reply
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    April 30, 2011 at 1:19 am

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