topic Re: Will I get approved? Need fast answer in Mortgage Loans

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Anonymous — Wed, 25 Jan 2012 15:22:24 GMT

Re: Will I get approved? Need fast answer

RW771 — Tue, 29 Nov 2011 21:04:30 GMT

@Anonymous wrote:

I'm going to apply for a mortgage loan this evening and I'm scared and nervous.

The house is approximately $65K (I am actually renting the house I want to purchase).
My scores as of today are 640, ***644***, & 667.
I have an auto loan that's $590/month (I know this is HIGH, so I am PRAYING it does not stop me)
I have a school loan that's $98/month
I have 1 credit card that is $20/month
I've had my job at the same company for over 3 years.
I make approx. $30k a year.

What do my chances look like?

Did you get your scores from this site or somewher that provides you with a true FICO score? What are the balances on your credit cards that you listed above? Do you have any lates and if so, how recent are they? I think these answers may help give people a better idea where you stand right now.

Re: Will I get approved? Need fast answer

incognitony — Tue, 29 Nov 2011 21:30:52 GMT

The car payment is going to be tough to overcome as it is 24% of your income by itself but I think it may depend on the taxes and type of loan you try for.

Re: Will I get approved? Need fast answer

DallasLoanGuy — Tue, 29 Nov 2011 22:57:13 GMT

where are you located? or do you know what taxes are on that property?

ask the owner and get back here.

we can calculate the ratios better with that info.

also.... get a quote for hazard insurance and let us know what that is....

these all affect the PITI and you are very tight right now.

can you refi the auto? < = I have done this a bunch to save deals.

Re: Will I get approved? Need fast answer

Anonymous — Thu, 29 Dec 2011 22:52:48 GMT

looking very good..call welss fargo, they will take care of you with a FHA are USDA loan at a get APR..

Re: Will I get approved? Need fast answer

mtrsprt — Fri, 30 Dec 2011 18:05:29 GMT

That car payment needs to drop in half, or the car needs to be sold. You MIGHT find a lender to grant you a mortgage, but I sure wouldn't.

No one on a 30K income should finance a car with a $590.00/month payment........

I earn 70K/year and my @272.00/month payment is plenty.

Re: Will I get approved? Need fast answer

StartingOver10 — Fri, 30 Dec 2011 18:50:18 GMT

@mtrsprt wrote:
That car payment needs to drop in half, or the car needs to be sold. You MIGHT find a lender to grant you a mortgage, but I sure wouldn't.

No one on a 30K income should finance a car with a $590.00/month payment........

@I earn 70K/year and my @Anonymous.00/month payment is plenty.

Agree 1000%
Your ratios are out of whack and we don't even know what your real estate taxes and insurance will be yet.

There are specific allowances for your housing ratio and your total debt ratio. The car payment puts you in jeopardy for any type of housing loan.

Can you sell the car?

Re: Will I get approved? Need fast answer

Anonymous — Sat, 31 Dec 2011 01:48:48 GMT

go to www.creditkarma.com and see if you can get your car refi for a lower payment pre month..they have a lot of companies that will do it..

Re: Will I get approved? Need fast answer

Gray — Mon, 02 Jan 2012 05:03:51 GMT

At that income level, I don't see the benefit of owning a home. Better to invest in education and job training to pursue employment at a higher compensation level. Also, that car has got to go. At your income level, a used car at 150-200/month is appropriate.

Re: Will I get approved? Need fast answer

Anonymous — Wed, 04 Jan 2012 00:09:26 GMT

Sell the car...

Your car payment is nearly as much as I'm willing to pay for a mortgage payment (P&I) and I make more then double what you do gross!