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Is there a chance of getting pre-approve?

Frequent Contributor

Is there a chance of getting pre-approve?

 

 

Need some advice as I am looking to buy a single/multi-family house and wanted to know what are the chances of being pre-approved.

 

Mid Score - 640,  Late payments from 2006.

 

Income - $75,520

 

On the Job - 2 years this September

 

 

 

Loan - Auto 1: $1800

Loan - Auto 2: $3900

 

Credit Cards Balance: 4K

 

Cash Available - 3K

 

House Prince 150K - 200K

 

Based on the info what are the chances of being pre-approved.

Message 1 of 3
2 REPLIES
Valued Contributor

Re: Is there a chance of getting pre-approve?

1-2 units probably fairly good if you have some money for a 3.5% down payment and plan on living in it.

Hard  to say for sure without the payments on the credit debt.

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 3
Frequent Contributor

Re: Is there a chance of getting pre-approve?

I'm planning to pay 50% of my debt at the end of this month and 25% the next month and once I do that, I would like to apply for the pre-approval.
Message 3 of 3