Reply
New Member
Posts: 5
Registered: ‎02-05-2013
0

Do I qualify for a mortgage?

Firs let me tell u something about myself. Im 26 years old. Im in the trucking business for 1.5 years and I made around 50000$ on W2 this year. My middle credit score is 727 and I have 380$ car payment with no other  payments of any kind. I have 3 credit cards 7500$; 4000$ and 3000$ which are paid off. I have 5 credit inquiries on each of the credit scores. Do you guys think I can qualify for a mortgage up to 150000 with 20000$ down payment and do you have any advices. Thanks a bunch:smileyhappy:

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Do I qualify for a mortgage?

YES! Definitely! You should go interview some mortgage brokers soon. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Do I qualify for a mortgage?

You may run into employment issues. Most lenders wont accept less then 2 years employment history unless other factors are considered.

But I agree go speak to a LO or Broker.
Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Do I qualify for a mortgage?

+1, yes that is a good point. They usually want to see 2 years of employment history but you are close. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
Posts: 97
Registered: ‎12-30-2010
0

Re: Do I qualify for a mortgage?

I'd bet you can get away with the slightly shorter employment history with such a big down payment. 

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.