What are the chances to get a mortgage?

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I have a fico score of 750 and experian 726 . I don’t know the others. Anyways, i don’t have a long credit history only two years old. I make 50k a year and need to get a 30 year fixed rate home loan. I am looking into houses around 180k range ;however, don’t have any money saved so my parents will help me out for the down payment. I know i need 20% but i can only put 15k down.
So here is the question, what are the chances to get an approval. I am also a legal alien, and my company has agreed to get me a green card. I wasn’t worried about it before until recently, my credit line increase was declined! I was shocked, because i had zero late payments and didn’t have any problems before whatsoever. They declined my request due to my credit report and history??? I was very mad because i have an excellent credit. Reality slapped me in the face and now i know that having a good credit means nothing. How can i get a fricking home loan while i can’t even get a small credit line increase. Funny thing, i got an amex card right after getting mad at my bank and it came with no preset limit. So amex gave me a gold card, whereas my bank didn’t even wanna increase my limit. So what is the criteria? What are the chances to get a mortgage in this situation?

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Reconstruction- put something back together: to put something back together from its component parts, pieces, or remains

Mortgage- loan installment to be repaid: the money paid by a borrower, usually monthly, to a lending organization until the entire sum borrowed by a mortgage agreement has been repaid

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3 Comments
  1. Reply
    David M
    February 3, 2011 at 4:38 am

    The lack of a larger down payment and limited credit history will make it difficult. But nothing wrong with trying. Also, the form of your parent’s help will matter. If it’s a loan that is meant to be paid back, that will worsen your chances. You’re not supposed to borrow money for your down payment. But if it is a gift or grant, it should help. Good luck!

  2. Reply
    timothy p
    February 3, 2011 at 5:27 am

    2 years is a very short credit history.

    In addition to credit history, banks will want to see a good debt to income ratio, good loan to value and a good employment history. You need to be looking in the 100-125k range of homes.

    Good credit means a lot. Your ability to pay the loan back means more.

  3. Reply
    curtisports2
    February 3, 2011 at 5:28 am

    Too much work. Thanks for the 2 pts.

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