Reply
New Member
DZOCE
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
MovingForward_2012
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
JM-AM
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
MovingForward_2012
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
Coldness
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. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}