I have about $700/per month in debt. I have some late payments on my credit history, but all are at least 10 months ago. I'm looking at houses around $150,000, but want to know how much home I can get approved for or if I can get approved at all? Thanks for all of your answers.
2007-12-18 07:12:29 · 14 answers · asked by Bob A 1 in Business & Finance ➔ Credit
Your credit is not so good, anything under 620 is risky. That does not mean that you won't get approved. Go to one of the home loan calculators on line, Quicken has one to figure out how much house you can afford. Many lenders will work with you to get you a loan.
2007-12-18 07:18:44 · answer #1 · answered by lisa b 3 · 1⤊ 0⤋
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2014-05-03 03:49:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you should be approved.
The big things are the late payments. I had a late payment on my car in 2002, and was applying for loans in 2006 and that dang late car payment still kept coming up - even though it wasn't my fault even, it was the place who gave me a loan - they messed up.
With the housing market as it is now, it may actually be easier to get a loan now, and not pay a higher interest (like I had to). The only thing you can do is go around and find out. I actually went through a mortgage broker for my loans....
EDIT: Like Jake says: Where you live may also play a part. I made just a hair over you, and was approved for over $200K.
The other thing too, is if you have credit cards, you want to have them less than 30% (ideally). So, if you have a credit card with a limit of $3000, you only want to have less than $1000 charged to it.
2007-12-18 07:15:50 · answer #3 · answered by IJToomer 5 · 0⤊ 0⤋
You can always get approved for a home loan. This is considered a secured loan, so if you don't pay, they can take the house away. However, with your current credit score, you would get an interest rate that is higher then if you had a 680 or more. Read the attached article about how to raise your credit score so that you can get a better loan.
Hope this helps.
2007-12-18 07:18:44 · answer #4 · answered by E.T. Barton 5 · 1⤊ 0⤋
Could I get approved for a home Loan? I really want my own new home where my two little ones can enjoy have their own room I just started a construction business 2 years ago my credit is 630 and my annual salary is around $300,000.i don t owe anything I paid of a bill that went into collection when I never knew about it till I decided to check my credit history I was so furious because I never got a notice
2016-06-07 08:35:41 · answer #5 · answered by cindy 1 · 0⤊ 0⤋
Even if you do get approved, can you really afford that much house? You might do better to work on paying off that debt and building at least a 24 month history of on time payments.
Steveo gave you some good advice. But I think your payment should only be 1/4 of your monthly pay. Home ownership has lots of other expenses, including utilities, maintenance, and tax increases.
2007-12-18 09:01:06 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋
Your $700 a month in outside loans will kill you on that. Usually a professional will not touch your application for that month. Normally you have to figure that your payment is 1/3 of your monthly gross, however they need to subtract your monthly debt of $700. I just went to a mortgage qualifier calculator, an all you can afford is a home worth $117,000. You need to drastically reduce your other debt, which I assume is either a car or a number of credit cards before you can realistically consider a home loan.
2007-12-18 07:41:36 · answer #7 · answered by Steveo 5 · 0⤊ 0⤋
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RE Would I get approved for a $150,000 home loan? My annual salary is $54,080. My credit score is currently 605..
I have about $700/per month in debt. I have some late payments on my credit history, but all are at least 10 months ago. I'm looking at houses around $150,000, but want to know how much home I can get approved for or if I can get approved at all? Thanks for all of your answers.
2014-09-03 01:04:54 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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2016-11-15 04:52:07 · answer #9 · answered by Anonymous · 0⤊ 0⤋
A year or more ago it probably wouldn't have mattered, but now, that is a pretty low score, and I think you'll be hard pressed to find a mortgage company that will finance for you.
2007-12-18 07:19:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋