Will I Qualify for a mortgage loan and how much ?
Hello, I have a FICO Score of over 730, credit card debt of about $6000.oo with small balances and Auto Loan with about $14,000 remaining. My rent is currently $450 a month. I make about $2900 a month. I'm Self-employed for 7 years, and co-owner of a business. How much do I qualify for if any? Do I. show more Hello,
I have a FICO Score of over 730, credit card debt of about $6000.oo with small balances and Auto Loan with about $14,000 remaining. My rent is currently $450 a month. I make about $2900 a month. I'm Self-employed for 7 years, and co-owner of a business.
With your credit and income you will have absolutely no problem qualifying for a mortgage.
As for the money down, you can qualify for a 100% financing loan if you desire. I will tell you though, the more money you put down on a property, the less of a "risk" it is for a mortgage lender.
The less "risk" the lower the interest rate you will qualify for.
So you basically need to decise how much you are willing to spend each month.
This will give me a better idea of how much of a house you can buy.
You say you are making roughly $2900 monthly. How much of that do you wna tot obligate to a mortgage?
What i suggest is that you have a licensed professional take a look at your situation.
What i do for my clients is take a look at your credit and finances, and then put together a few options for you.
Ill show you the rate if you put 10% down,
20% down, and 0% down.
Once you have all the accurate information, you can then decide what will be the smartest option for you, and whcih option makes most sense for you.
The number ont thing i can advise is that you work with a mortgage lender that is partnered with multiple investors. The reason i say this is if a morrtgage co. can pull ONE credit report, and shop it among their many investrs, you not only will get the lowest rate and costs, you also will not lose valuable pioints on your credit score.
For instance, if you shop for a mortgage to multiple lenders on your own, each and every lender MUST pull a seperate credit report. Every time your creidt is ran, you lose points on your score. So, shopping for a mortgage on your own can rally be detramental to your overall creidt score.
By working wiht a single lender that has miltiple invesotrs, WE will do the shopping for you. You dont have to worry about a credit drop, and also dont have to deal with the hassle of shopping on your own.
I always say "leave it to the loan officer. thats their job, to find the best possible mortgage loan for each borrower." You can be assured that you get the best program to fit your needs.
If you wish, i can assist you with this process through every step.
I work with a natinwide mortgage lender, and would be happy to help you purchase a home. or at least know your options.
Feel free to call or email me at any time.
Licensed Mortgage Loan officerSource: answers.yahoo.com