Question: What is the likelihood of getting approved for a home loan?

(Posted by: Amy on 2010-03-09 15:11:06)

I work part time and my hudband makes around $40k a year. His credit score is like as high as it gets. Mine is pretty good, no black marks, but I only just started making credit purchases in the last year.

Posted by: Realtyyoudefine on 2010-03-09, 16:33:49

Only a lender can answer that. Credit score is part of the story. You need a down payment of at least 3.5% (if going FHA), or 10-20% for a conventional loan. You will also need a few thousand for closing costs. If you have no other substantial liabilities you might qualify for a loan around three times the amount of your annual income, so maybe $120,000 or so.

Posted by: chatsplas on 2010-03-09, 15:13:45

Pretty good. Need good credit rating, adequate income, sufficient down payment, stable employment, low debt load.

Posted by: Realtoratheart on 2010-03-09, 15:17:44

Sweetie, there is much more to getting a loan and only a loan officer can give you facts. Lenders need to know your whole financial situation to give you an idea of whether nor not you qualify. We'd only be guessing.

Posted by: Janet P on 2010-03-09, 15:30:26

If his credit is really 900 he should be able to qualify for about 120k, no matter what your credit states.

Posted by: Bruce Qualters on 2010-03-09, 16:50:30

I nor anyone else can answer the question without more information: That being said everything you have said seems to be in the right direction. In what are and area and what price range are you looking to purchase? Do you know what your credit score is? How long have you been working part time? Has your husband been in the same line of work over 2yrs? I can give you better insight if you email me those details. Also depending on the area and other factors there are still loan programs that do not require down payments though are considered safe loans. (USDA, VA etc.) bruce.qualters@gmail.com