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Would I qualify for a mortgage?

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laplanmd Joined: 02 May 2011 Posts: 1 1.39 Dollars($)	Posted: Mon May 02, 2011 5:11 pm    Post subject: Would I qualify for a mortgage? Like 0 Dislike 0 I am looking into getting a mortgage. I will be getting a job within the next two weeks that will pay $40,000-$45,000 a year. I will be graduating in the beginning of May and the job will be in the same area that I studied. I have a good credit score of around 720 and have never missed any payments. I have paid off all my student loans and only have $1000 in total debt or monthly payment of $100. I currently have a little over $5,000 cash. Would I be approved or should I just look to rent? The price range that I am looking to buy is $60,000-$90,000.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Mon May 02, 2011 5:27 pm    Post subject: Like 0 Dislike 0 Getting approved for a mortgage is more complex than providing you an answer in a forum like this. Given what you have stated, you should be able to obtain financing, as long as you start your job, and the employer verifies your employment along with 30 days of income paystubs. If you income, credit is sufficient, then you would be in good shape. Your mortgage including all taxes and insurance cannot be more than 45% of you income, so if you only have one small bill, you should be ok, if you are making 40-45k. The 5k may not be enough to close the loan. You would need a minumum of 3.5% down payment and then your closing costs, title, escrow, appraisal, lender fees ect. You can get a gift from parents or others to help out, and you can ask seller for assistance in closing costs. Contact a lender in your area and get pre-approved. Good Luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
joshonjoice Joined: 03 May 2011 Posts: 3 1.43 Dollars($)	Posted: Tue May 03, 2011 8:24 am    Post subject: Like 0 Dislike 0 It absolutely depends on how abundant money you put down the amount of the House. I doubt, get 20% of normal, but if you accept a abundant mortgage next egg and say you wish to administer for acclaim or for the House amount is actual good-the added the half-credit. _________________ bathroom renovation perth
coh4 key Guest	Posted: Tue May 03, 2011 4:19 pm    Post subject: coh4 key Like 0 Dislike 0 Your web site is definately worthy of a bookmark, thank you!
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue May 03, 2011 4:22 pm    Post subject: Like 0 Dislike 0 It is being updated. It should take you to out DBA, pac bay. New site will be back up in a few days after additions are complete. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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