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.
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.