scared =)

[Anonymous]

ive been shopping around for a house now for about 6-8months. now the market is acually shaping up in my favor and house prices have gone down. im worried i wont get approved for a loan though. gross income is about 3000-3300, debt is just over 300 a month, ive been at my job for nearly 5 years now, and my credit is 690-700 last time i checked. i havent had any defaults, missed payments, or collections in more than 3 years but when i was younger and had appartments with girls we had collections issues and i did miss payments on my car at the time from loss of job. also i have 2 credit cards but have only had one since 05 and the other for 6-9months (i never wanted to get myself in trouble when i was younger, and didnt understand it would make it harder now). houses here in western washington are around 250K and thats for a lower priced house, even condos are running 200k.

i guess my real question is do i have a chance? are there things i can do to help right before i apply? ive waited this long to apply because im not in a rush, im living with my parents right now and jsut trying to save up money until i find something right. well im starting to see things that really fit what i need but now i need to know if anything is even in my reach

[Anonymous]

also if i can get a non-occupying co-borrower since im guessing i will need one? what effect does co signing have for them?

[Anonymous]

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@Anonymous wrote:

ive been shopping around for a house now for about 6-8months. now the market is acually shaping up in my favor and house prices have gone down. im worried i wont get approved for a loan though. gross income is about 3000-3300, debt is just over 300 a month, ive been at my job for nearly 5 years now, and my credit is 690-700 last time i checked. i havent had any defaults, missed payments, or collections in more than 3 years but when i was younger and had appartments with girls we had collections issues and i did miss payments on my car at the time from loss of job. also i have 2 credit cards but have only had one since 05 and the other for 6-9months (i never wanted to get myself in trouble when i was younger, and didnt understand it would make it harder now). houses here in western washington are around 250K and thats for a lower priced house, even condos are running 200k.

i guess my real question is do i have a chance? are there things i can do to help right before i apply? ive waited this long to apply because im not in a rush, im living with my parents right now and jsut trying to save up money until i find something right. well im starting to see things that really fit what i need but now i need to know if anything is even in my reach

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Well you should be a candidate for fha but your problem is that unless you have a large downpayment your salary wont get you approved for a 200k mortgage even if you had no debt.  Your salary could make you elligible for downpayment assistance through your local city county hud coordinators though.  If prices in your area for the most part are that high you will either have to try to find a fixer upper which could costs lots of $ fixing it up or a cheap foreclosure

[Anonymous]

thats what i was affraid of. i have  a downpayment but not that big. so figured it out on the calculator. my salary right now is just over 35k, i work for costco and our raises go by hours so its a guaranteed raise as long as you work full time hours. i will start bonusing in october 2500 before taxes ever oct and apr, i will also hit another raise in early june at $2.00 more an hour. so with that raise and bonus ill be at 44k and some. does that have any major effect? also i owe 3800 on my truck, will paying that off quickly help me enough or will it hurt my credit score more to not have that active account?

[DallasLoanGuy]

Non-occupying co-borrower(NOCB) will get you there if the co-borrower isnt debt strapped.

I don't judge people for their debt load... but I would seriously recommend that you find out what the pmt is for that price range and see if it is within your budget.

If you make cash on the side or something that cannot be documented, then I can see why you might want to spend that much of your take home salary on housing.