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.
2007-01-02 16:32:21 · 8 answers · asked by FromTheTop 1 in Business & Finance ➔ Credit
abc- I have basically $0 savings, no 401k either. My credit score is right around 690 I believe, maybe a tad higher? I worked in an insurance office for 2 years before I became an agent...so, I hope that'll help.
2007-01-02 16:40:53 · update #1
Is the 74K what you still owe yet on your current mortgage or was that the amount of it? If it was the amount, how much equity do you have in your home? You MIGHT qualify if you can come up with 10-20% down payment, and your financial statement has more assets than liabilities. Right now you are needing $175,000.00. That's your new home you want, plus all your loans, excluding all your other bills; groceries, utilites, taxes & insurance, etc.... Your annual income is at best 65K. I don't want to discourage you from at least trying, but I do think in all reality that you would have a hard time qualifying. I hope I'm wrong, and I hope you get the house of your dreams. Good luck and take care.
2007-01-02 17:44:30 · answer #1 · answered by ksgirl 3 · 0⤊ 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.
2007-01-03 11:08:49 · answer #2 · answered by kevingeorgecampbell 2 · 0⤊ 0⤋
There is more you need to share in the equation. My first thought is yes, you could probably qualify. You own a home now and you have sufficient income. But, you do need to look at your credit scores and see how that appears (www.annualcreditreport.com). Also, your down payment amount, and "cash reserves" (money you have in any liquid account, like 401k, savings) are considered in your "risk" analysis. Also, some lenders are spooked if you don't have a full two year employment history - I'm not sure if you were a full time student prior to this job or employment in a similar field/industry. You consider yourself a rookie, so that may be one area to spell out to a mortgage consultant.
All in all, I'd assume you have a good shot at it. Contact a mortgage consultant who actually pre-approves you, and not just qualifies you for a mortgage. Good luck!
2007-01-02 16:38:55 · answer #3 · answered by abcdgoodall 4 · 1⤊ 0⤋
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2016-10-06 09:02:18 · answer #4 · answered by rotanelli 4 · 0⤊ 0⤋
find out what your credit score is. You are entitled to one report a year from each of the agencies at the provided link, by act of congress.
That score is what will determine what you qualify for and what you don't. Clean up anything incorrect on it and it will go along way in getting you that loan.
2007-01-02 16:43:17 · answer #5 · answered by thejokker 5 · 0⤊ 0⤋
How much is your house worth right now? If it's 105K, then you'll have enough money to put down, but since you have no savings, how will you pay the 3-5K in closing costs?
2007-01-02 17:33:30 · answer #6 · answered by Steve R 6 · 0⤊ 0⤋
You can absolutely qualify for a loan. I know dozens of loan officers who could help you.
2007-01-03 07:09:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
aaaaahhhhh wants to expand......pay more taxes higher insurance rates....not to mention you work on commission.....DONT! Wait a few years.
2007-01-02 16:43:37 · answer #8 · answered by Anonymous · 0⤊ 0⤋