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Can I get a mortgage and what can I expect?

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Anonymous
Not applicable

Can I get a mortgage and what can I expect?

1st time home buyer.
23k income. At job over 5 years.
6k child support
=29k yr.

FICO 727 today. Lates about a dozen 30-90days on 2 accounts from 2002-03 the only negatives and the only reason I see why my score is low. Have already tried to get lates removed and both accounts are still open in good standing - no go. 4k cc balance out of about 170k available I can pay off if needed, planned to soon anyway. 4k auto loan balance.

16k cash in bank

I've paid average $1200/month rent for 5 years. Rent has been 55-60% of my monthly expenses throughout that time.

I would like to get a mortgage at a good rate, like a 30 year fixed FHA with as little out of my pocket as possible. I can put down 3-3.5%. I am not looking at anything over 130k.

One other thing is I am also looking at relocating to another state. I'm in CA and considered CO or KS but I'm not sure how this would affect getting a mortgage. Would I need to have a job offer in hand if I bought out of state?

Can I get a mortgage? If so, what can I expect in the process and what documents do I need to have ready? I would like to do this ASAP and have a few houses in mind already. I would like to have a solid pre-approval in hand and hopefully negotiate seller paid closing costs. I'm still trying to learn as much as I can so I don't get a bad deal.

Message Edited by LAX on 09-17-2008 06:32 PM
Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?

You're going to need a new job before you can get a mortgage.
Message 2 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?

How much are you looking to purchase a home for?
Message 3 of 12
DallasLoanGuy
Super Contributor

Re: Can I get a mortgage and what can I expect?

i would be concerned about that child support continuing if you plan on taking the kids away from the person making the payments. you will need to get temp housing when you get to destination so you will have time to get the job.
Retired Lender
Message 4 of 12
Ljeen
Valued Member

Re: Can I get a mortgage and what can I expect?

You think 727 is low?  I would kill for that score. 
Message 5 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?


DallasLoanGuy wrote: i would be concerned about that child support continuing if you plan on taking the kids away from the person making the payments. you will need to get temp housing when you get to destination so you will have time to get the job.


Not a concern. No contact and they have lived 3000 miles away during that time. CS is garnished from their wages.

All of your concerns posted here have been gone over many times and addressed. Even with my income I have not lived struggling or careless or dependent on public assistance as you can see by the details I posted. In fact I am trying to reduce our housing expenses a little bit. Yes I know about the costs of owning a home. Can anyone answer my original questions?

I respect your work here DallasLoanGuy and was hoping you could give me the rundown of what's available for my situation. I assumed I would do better to get a loan before I moved since I thought it'd be much harder with a new job. I have been at my current job over 5 years. How much would this matter? Either way wouldn't matter to me.

Message Edited by LAX on 09-17-2008 03:54 PM
Message 6 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?



@Ljeen wrote:
You think 727 is low?  I would kill for that score. 



It seems low to me when I see people with bankruptcy a few year old and 720s. I only have a handful of lates 5-6 years old on 2 accounts still open and good standing. I have 10 others perfect record. My utilization is less than 5% total and around 10% on 1 card at 0% which I can pay off at any time. The rest are paid in full every month.
Message 7 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?

And I know I can run all this through a few banks and have a couple in mind but I thought I'd ask here first since I've seen good deals from some of the brokers that are here. I also want to be careful about inquiries and make it a smooth process so I'm looking to find out what I can expect before I make a move.

Going off of my original questions, can I get a mortgage, and if so what can I expect and what will they need from me to ease the process?
Message 8 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?

As I said - you're going to need a job before you can get a mortgage, especially if you're moving several states away. Lenders want to see that you have income and can make your mortgage payment. The days of finding no-doc loans are gone for most borrowers, unfortunately - if you could find a lender who will do a no-doc loan, you'd have to put down up to 30% (for sure a LOT more than 3% - 3.5%). The credit score requirements would be much higher as well.


Message Edited by desifink on 09-17-2008 05:53 PM
Message 9 of 12
Anonymous
Not applicable

Re: Can I get a mortgage and what can I expect?

Any brokers that can look at my original post?

Message Edited by LAX on 09-17-2008 06:33 PM
Message 10 of 12
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