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can I get a mortage loan

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can I get a mortage loan

I  will like know my chanches of getting  approved for a mortage loan to buy a house around austin ,tx (with in a 30 miles radius). I make about 32,000 year.I have about 10,000 to 20,000 dollars to put down.I have a $340.00   monthly car payments I owe 2 more years. I am also  paying a $100.00 monthly student loan. I have 6 credit cards. 2 are paid off the other 4 my payments are $90,00,$60.00,$35.00 and $25.00 dollars.I can pay off the 2 lower ones if that will help me more. I am using about 55% of my credit my debt to income is about 30% my credit scores are 641 647 and 671. trans union was 671  I forget which ones are the other 2. I had a couple of late payments in past but nothing in the past year on my credit report. I am looking for something in the 70 to 80 thousand sollar range either a house,condo ,or mobile home

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4 REPLIES 4
Regular Contributor

Re: can I get a mortage loan

The only one that will know the answer to this for sure is a mortgage lender, when I bought my house I went through a mortgage broker since they gave me a better interest rate and a higher approval amount.  Your score looks like it's good enough but the rest is up to the lenders. 

FICO Scores - As of Jan 2015

EQ - 632
TU - 648
EX - 649

Started at - EQ 565, TU 563, EX 561 in September 2014
Message 2 of 5
New Visitor

Re: can I get a mortage loan

I apply with royal finicial and waiting for answer should i try other lenders now or wait. If i try other lenders will it hurt my credit score

Message 3 of 5
Regular Contributor

Re: can I get a mortage loan

I would wait and see what they say, if you are not happy with the terms they give you or if they reject you go talk to a mortgage broker in your area and many times they can help more, at least they did in my situation.  They helped me get approved for an additional $15,000 on my loan and that allowed me to buy the house I did.  

FICO Scores - As of Jan 2015

EQ - 632
TU - 648
EX - 649

Started at - EQ 565, TU 563, EX 561 in September 2014
Message 4 of 5
Established Contributor

Re: can I get a mortage loan

...with a 32K income you will most likely qualify for a USDA loan if you're serious about that 30 mile range and willing to live in a rural area near Austin ...check their site map for qualifying areas ...they have very good interest rates and no down required ...hth

 


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Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
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