Question: Think i can get a home loan?

(Posted by: Idiot M on 2010-03-02 18:26:40)

My credit score is above 620, but well below 720, and hasn't changed in 3 years. I make 45k before bonuses, any downpaymet would be gifted ... have i got a shot at a 120k loan? They are practically giving houses away here in Vegas, at least price- wise.

Posted by: godged on 2010-03-02, 18:36:02

It depends on the debt to income ratio, your job history, and what you can bring to the table. Are you going to have money for closing costs? You need to bring something to the table in order to be approved.

Posted by: Steve D on 2010-03-02, 18:29:37

It's really going to come down to how well you have paid your bills over the last 2 to 3 years. If you have been late multiple times, your chances greatly diminish, and if you have been late multiple months on an account or two, your chances are probably nil.

Posted by: sciencegravy on 2010-03-02, 18:30:26

I should think so - especially if you've had the same job for years.

Posted by: Veritas on 2010-03-02, 18:33:44

The banks take a lot into consideration before they give anyone a loan...no matter how cheap the house is. They want to see a down payment, and a secure job. Your credit history is important, so the higher your score is the better off you will be. Also, they take your age into consideration also.

Posted by: Rick B on 2010-03-02, 18:35:26

Perhaps, but should you buy a house? Do you have a cash emergency fund saved up? Are you ready for higher utilities, lawn care, maintenance, etc? Can you afford insurance and taxes? Can you pay the closing costs? I would suggest you save up a 10 or 20% downpayment, a cash emergency fund equal to 3 to 6 months of expenses, and roughly 5% of the home price to cover closing costs. You might also consider that you will need to buy furniture, washer and dryer, etc. Have you considered getting a roommate to help cover costs for the first year or two? Think it all through. Put asside an amount roughly equal to your house payment, insurance, and taxes each month. If you can pull it off for about 6 months you will be on your way!

Posted by: chatsplas on 2010-03-02, 18:37:05

Possibly Talk with lender and get prequalified to find out There are several negatives here. . . .need stable employment, sufficient income (on edge), adequate down payment, good credit, low debt ratio IMHO, if you have not got even the minimum 3.5-5% down for FHA, you are NOT ready to become a home owner.

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Posted by: Heather on 2010-03-03, 12:48:19

I assume you are trying to get an FHA loan since you said the downpayment is going to be gifted. The gift can only be from parents or grandparents. If you meet this, then you probably would qualify for a loan...not sure if you'd qualify for $120,000. It really depends on your other debts. Contact a few mortgage companies and fill out a preapproval application. This will let you know what you'd qualify for and what your estimated monthly mortgage payments would be (also need to pay homeowner's insurance, property taxes and PMI - if your downpayment is less than 20%). Remember the closing costs as well! They are usually between 2% and 7% of the purchase price.

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