will i be approved for a mortgage?

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I’m 21 years old. I make 36,000 yearly as a nanny. I have been a nanny for 3 years although up untill 6 months ago i was not paid on the table…so i have been at my new on the table nanny job for 6 months. my credit score is over a 621..my mom makes 27,000 a year and has been at her job for 8 years. Her credit was bad from a divorce but she now has credit cards and pays them in full every month. She has been working on her credit since her divorce 2 years ago. We have nothing in our name no car loan,very low or no credit card debt. The only thing i have is a student loan for 7,000 that i made about 60.00 payment on monthly. We live in new jersey. Is it possible for us to get a mortgage of about 150,000 or a little more? We only have about 3,000-6,000 in savings..Thanks!

3 Comments
  1. Reply
    My Take on It
    May 2, 2011 at 12:37 am

    No
    You are going to have to wait another 18 mos and have 2 years of tax returns to show a lender. Being paid under the table and having no legitimate record (pay stubs/tax returns) of it, doesn’t get counted.

    Your mom doesn’t make enough to afford a 150k house on her own.

  2. Reply
    loanmasterone
    May 2, 2011 at 1:28 am

    You might attempt a FHA mortgage loan with your mother being the primary borrower, as your work history might not be sufficient. You and your income might be added as a second income with the approval by the underwriter, since most 21 year old individuals are normally in college, which might be a consideration.

    If your mother has been working on her credit for the last 2 years or so, and have been paying her credit card debts on time, she might have a credit score that might be ok for a mortgage approval.

    Find a mortgage broker/banker that has FHA and VA approval to place your application for your mortgage loan.

    FHA approvals are not as strict as conventional lending requirements for approvals.

    Applying for a mortgage loan would also tell you a few things

    #1 How much house you and/or your mother are qualified to purchase

    #2 If you would be allowed on the mortgage loan application as a co-owner.

    #3 If you and your mother qualify for a mortgage loan at all. (If not the loan officer will be able to tell you any remedies necessary to get you qualified as well as the time frame in which you and your mother might be considered for approval for a mortgage loan.)

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

    “FIGHT ON”

  3. Reply
    I just LOVE LOVE!
    May 2, 2011 at 2:05 am

    I agree that it is worth a try. FHA loan would be the best suitable loan for you all. You by yourself would not qualify because of only 6 months of tax returns information it seems unless you filed tax returns before already. But your mother on there as the primary would help out alot. Depending on your debt to income ratio you may qualify for 150K home. People usually say to buy something that is double your income or less so I would try for the 100K to 150K mark. There are alot of invester properties that have been renovated that I would suggest for you because even if a seller gave you 6% closing costs towards a home (which is the max) you may still need a few extra dollars for closing plus the 3.5% downpayment. At 150K the down payment is like $ 5250….and if you needed an extra 1k towards closing then that would put you above what you have at 6,250….so start looking a little lower than the 150K homes and call a loan officer to pre approve/qualify you like NOW….best of luck to you both.

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