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jorgiee
Posts: 3
Registered: ‎10-21-2012
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What Are My Chance To Get Approved

Hey guys just wanted to know what you guys think about my chances to get approved for a mortage loan

my credit scores are ex 650 equi 631 trans 629

my income for the past 2 years has been about 17000

started a second job about 3 months ago working both jobs i should make about 25 this year,

have about 10000 in student loans but they are deffered,

i have 2 credit cards limit 500 each, one has 140 on it the other 170

only negavite thing on my report was a car loan i was late on the last 8 payments, the car did not go into repo, it was paid of in january 2010

so what do you think guys, do i have a shot at getting approved???

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: What Are My Chance To Get Approved

[ Edited ]



jorgiee wrote:

Hey guys just wanted to know what you guys think about my chances to get approved for a mortage loan

my credit scores are ex 650 equi 631 trans 629

my income for the past 2 years has been about 17000

started a second job about 3 months ago working both jobs i should make about 25 this year,

have about 10000 in student loans but they are deffered,

i have 2 credit cards limit 500 each, one has 140 on it the other 170

only negavite thing on my report was a car loan i was late on the last 8 payments, the car did not go into repo, it was paid of in january 2010

so what do you think guys, do i have a shot at getting approved???


You do, but with your income, you're going to be limited as far as what you can buy.  They won't include the income from the second job, as you haven't held the second job long enough for it to count. 

I would focus on getting my scores to the 640 range, also, you want to look around and see if you can qualify for a down payment assistance program, or some sort of housing grant program to help you out cost wise...  first though, concentrate on getting your scores up.  I think you could be there score wise by paying off your credit cards...

 

How much cash do you have in reserves?>

 


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: What Are My Chance To Get Approved


jorgiee wrote:

Hey guys just wanted to know what you guys think about my chances to get approved for a mortage loan

my credit scores are ex 650 equi 631 trans 629

my income for the past 2 years has been about 17000

started a second job about 3 months ago working both jobs i should make about 25 this year,

have about 10000 in student loans but they are deffered,

i have 2 credit cards limit 500 each, one has 140 on it the other 170

only negavite thing on my report was a car loan i was late on the last 8 payments, the car did not go into repo, it was paid of in january 2010

so what do you think guys, do i have a shot at getting approved???


When I see your post, programs like habitat for humanity come to mind, where you invest sweat equity into helping build your house, and you get an interest free mortgage. You basically put in volunteer hours and establish a savings account to demonstrate the ability to save... Using this program, you get a nice house to live in, that is energy efficient, at a reasonable cost, with a reasonable down payment... I fully support this program.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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jorgiee
Posts: 3
Registered: ‎10-21-2012
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Re: What Are My Chance To Get Approved

i have 8200 in cash reserves

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: What Are My Chance To Get Approved


jorgiee wrote:

i have 8200 in cash reserves


Nice!  You should be able to do a USDA loan or an FHA, have you talked to a lender yet?


Starting Score: 08/29/2011 TU 671 EQ 674
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Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: What Are My Chance To Get Approved


webhopper wrote:

jorgiee wrote:

i have 8200 in cash reserves


Nice!  You should be able to do a USDA loan or an FHA, have you talked to a lender yet?


His concern is still income though. At $17,000, he isn't going to be able to qualify for much of anything.

 

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: What Are My Chance To Get Approved


Elcid89 wrote:

webhopper wrote:

jorgiee wrote:

i have 8200 in cash reserves


Nice!  You should be able to do a USDA loan or an FHA, have you talked to a lender yet?


His concern is still income though. At $17,000, he isn't going to be able to qualify for much of anything.

 


That's why I think he should look at H4H...  They will work with him I'm sure...  They've built tons of homes in my city


Starting Score: 08/29/2011 TU 671 EQ 674
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jorgiee
Posts: 3
Registered: ‎10-21-2012
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Re: What Are My Chance To Get Approved

no yet, wanted to see if i stood a chance

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: What Are My Chance To Get Approved

I think you should talk to a lender and also check habitat for humanity; and your local housing agency to see if they can help you with a low income mortgage. Your scores and savings are there. Your income is the issue.

Starting Score: 08/29/2011 TU 671 EQ 674
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bbb3601
Posts: 328
Registered: ‎01-26-2012
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Re: What Are My Chance To Get Approved

yep, and if you pay off one of those cards I bet you pick up 15 points!

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