Reply
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

What kind of Mortgage can I get?

My scores are low due to recent new accounts and inq's.

 

TU 705 / EX 651 / EQ 669

 

My income as self employed consultant around $200 K / Year

Wife works for state and income $65K / Year

I can put 10% down towards the mortgage. 

 

I found a property that is in NJ and Foreclosed by Bank.

What are my chances of getting approved for a Mortgage loan?

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
0

Re: What kind of Mortgage can I get?

It will depend entirely on how much you claim on your taxes and can document. There are no stated loans (for the post part) and all loans that have good terms/ rates you have to document the income. It will also depend on the amount of monthly debt.

With your scores you will want to take a look at your options but you can probably qualify for both the FHA programs and the Conventional programs

 

Good luck

brian

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: What kind of Mortgage can I get?

Thanks. Realtor is going to show me the property tomorrow. Then I'll decide what next steps I should take. Around May/June Time frame I talked to my CU and they said they can approve with minimal paperwork. I need to talk to them on Monday and see what they want.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+