Is there a chance of getting pre-approve?

eddymvp · ‎01-14-2009

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.

BrianB_The_Loan_Professor · ‎01-14-2009

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

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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

eddymvp · ‎01-16-2009

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.