Me and wife haev combined income around 110k a year. We have some credit card debt (nothing to horrible) and 1 car payment around 300/month. My credit score is 700 hers is 620.
We are looking at a morgage that is figuring about 10% down and a total mortgage cost of around 2500/month when you include property tax and insurance. The loan salesepeople have told us they think we will be approved but its up the underwrites to accpet it.
What do you think?
2007-02-15 07:57:51 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
By the way, I know this sounds like a high mortgage on a huge house. But where i live this isnt buying that much at all-- trust me.
2007-02-15 08:15:02 · update #1
Most likely yes.
Your income is good, and your credit scores are good ( possibly they might keep her name off the loan if her credit score is too low for them)
Each bank is different on how much debt ratio they allow. And most will work with people even if they are a little to high. in the event they say no, odds are they will come back with another offer. Maybe it will be a slightly higher rate, maybe you will need a little more down, but overall you will probably be ok.
2007-02-15 08:00:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Because of your credit score, you may have better loan options if you're the only one on the loan. I say that because 700 is a good score and many lenders have programs that only apply to borrower's with a good credit score. Your wife's is below average. If you and your wife both apply for a loan, the lender will combine your credit scores and use the average which may disqualify you from some great programs.......good luck!
2007-02-15 16:10:33 · answer #2 · answered by ? 5 · 0⤊ 0⤋
You will probably be approved for the mortgage, the only thing that isn't for sure is what interest rate you will get, and the term that they will allow you to lock that interest rate in for.
That's a pretty hefty monthly payment - I just bought a house last year and my mortgage payment+tax+insurance is about 1/3 of that (even with no downpayment). Make sure you will be able to swing that payment, otherwise you might be burying yourself.
2007-02-15 16:08:53 · answer #3 · answered by joemammysbigguns 4 · 0⤊ 0⤋
i think you can get aproved if you can use the 700 score dedt to income ratio looks ok try an interest only loan or a neg am loan
to keep payments lower for the first three years then rool into
30yr or 40 yr loan.
2007-02-22 22:57:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
with what you have said why isn't your and your wife's credit scores higher. Your's is good and you probably will be able to get a mortgage but maybe not at the lowest rate. They are alittle more strict because of so many forclosures.
2007-02-23 14:47:40 · answer #5 · answered by nj2pa2nc 7 · 0⤊ 0⤋
Well, if they disapprove you, buy a smaller house. I know plenty of people who buy these "Mansions" only to find out they didn't need that big a house. The upkeep can be a headache, unless you're both do-it-yourselfers, and have the time to do it, which of course means more costs. Well, just talking from experience.
Good luck
2007-02-15 16:10:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I definately think you will be approved. You have excellent credit scores, a very good income and you are not over extended.
2007-02-22 23:01:59 · answer #7 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Google it......Real estate sites have tables for home loans you fill out a form and they tell you what you can borrow deposits repayments etc.
2007-02-23 07:06:42 · answer #8 · answered by holly 7 · 0⤊ 0⤋
From the sound of it and the condition of the real estate market, I think you will be just fine. I wouldn't worry about it.
2007-02-15 16:18:34 · answer #9 · answered by nickhawkins21 3 · 0⤊ 0⤋
yes
2007-02-22 14:27:04 · answer #10 · answered by I Know, I Know 4 · 0⤊ 0⤋