How likely can I get a $100K mortgage?

[nycyounginvestor]

Hello all, 

I need to see if i can qualify for mortgage loan.

First off, here is my info :

1. Credit score - FICO Score 762 - No negatives in the past 8 years and just recently paid off a $45k auto loan.
2. Income - Gross $32K/year 
3. Source of income - Regular Sales Job
   
4. Monthly debt payments - No debt 
5. Employment - Full time Job. Family business, been working there for 3 years.
6. Assets/Reserves - $30K in taxable investment accounts, $11K in Roth IRA, $5K cash. $280K cash gift from Mother. $100K cash Brother partnership to the property purchase.
7. Location.  New York, Queens.
8. Property.  Condo, built in 2003.
9. Value - $480K
10. Occupancy - Non-owner/Rental Property
11. Transaction Type - Purchase

My brother and I are looking to purchase a $480K rental property. The property will be under both of our names. My brother will put down $100K cash. My mother will put down $280K just to help us. (I know, we have a wonderful mother). For my part, I would need to get a loan for $100K as I don't want to touch my investments accounts.

How likely can I get a $100K loan? The only thing I'm worried about is my low income. Please advise. Thanks!

[Laura1369]

My income is 36,000 a year DTI is 34% and I just got preapproved for 160,000. So I think you'll be ok. But don't take my word for it.

[curryb15]

laura1369 What state do you live in ?

Iminterested because in the next 6 mo. I will be applying for my first mortgage with my girfrield and combined we make $57,000 with a DTI of 23% and we will be looking for $150,000 max but most likley less. Im just concered our income wont be high enough. We are looking on long island ny

[Laura1369]

I live in Pennsylvania. Mine is also a VA loan which allows for a higher DTI, but I still fall about 7% below their amount.