I want to buy a bigger home, do you think I can qualify for this loan??

Question

Right now, my mortgage is in my name only. My loan is for about 74k. I work as an insurance agent, and am doing pretty well for a rookie. I am on my way to making about 50k this year in my first year. The home I am wanting to buy is about 145k. What are the chances I will qualify? What can I do to help qualify? I have no credit cards. I owe 10k on a jeep, and about 15k in school loans, and about 5k in other miscellaneous loans. My wife makes about 12-15k a year.

Answer 1

You have a good credit score, a healthy income and you have been in the same industry for three years. Nathan, it looks like you more than qualify to buy that home you want. Qualification is not your problem. I have twenty lenders that would bend over backwards to give you a home loan and they wouldn't even ask you for a down payment

The only thing that concerns me is my whether you've determined what your long term financial goals are and if you've thought about building some reserves just in case life throws you a curve ball.

Depending on how much your current home is worth you may want to sell it and use your equity as a cushion for your new purchase. You won't have to use your equity as a down payment because I'm almost positive you could qualify for 100% financing.

If you want to keep the home you have that may be an option as well. If the rents are high enough in your area to cover your mortgage you might cash-out on that home and use your cash to buy this other one without selling.

There are a too many options for me to list them all here, but you can email me if you'd like some more details. the main thing i want to get across to you is that you don't have to worry about qualifying for a loan, you just have to make sure that you're putting yourself in a good situation.

Answer 2

you have a stable credit, a healthful earnings and you have been interior the comparable industry for 3 years. Nathan, it sounds such as you better than qualify to purchase that homestead you pick. Qualification isn't your undertaking. I surely have twenty lenders that would bend over backwards to offer you a house very own loan and that they might not even ask you for a down fee the only factor that concerns me is my no rely in case you have desperate what your long term financial aims are and in case you have theory approximately construction some reserves merely in case existence throws you a curve ball. in keeping with how plenty your contemporary house is properly worth it is recommended to sell it and use your fairness as a cushion on your new purchase. you will no longer would desire to apply your fairness as a down fee because of the fact i'm merely approximately valuable you're able to desire to qualify for a hundred% financing. in case you want to maintain the homestead you have which would be an option besides. If the rents are intense sufficient on your section to hide your very own loan you're able to money-out on that homestead and use you cash to purchase this different one with out advertising. There are a too many ideas for me to record them okay here, yet you could email me in case you like some extra info. the main important factor i want to get for the time of to you is which you do no longer would desire to be irritating approximately qualifying for a private loan, you merely would desire to easily make specific you're putting your self in a stable undertaking.

Answer 3

Sure, you should qualify. However, why not figure the amount that you'll spend on the new big mortgage and send that much extra to your current debts every month? They'd be paid off in no time. Then you can go back in debt to buy furniture for your larger home! Haha No, seriously, pay off the debt that you have and then apply. You'll go into it much more clear headed, especially since your salary is not yet set.
Good luck!!

Answer 4

Not good for getting a good rate... You want to payoff your highest % expenses and put 20% (+) down.. If your parents can help, which is always nice, I think if you pay a point or 2 and drop 20% down, you will recieve a blessing..

Answer 5

sure