Can I get a good mortgage? How much would our payments be?

bwillette · Joined: 04 Nov 2007 Posts: 1 2.02 Dollars($)

I am looking to move back to Colorado from Maine in January and my fiance and I were thinking about buying a house....first off we both worked for a company in Colorado Springs for a couple years but had to move back to Maine for family illness...will companys overlook this 7 month absence?Besides that we make between 3200 and 4400 a month. I have a credit score of 707 and he has a credit score of 630. We should have a down payment of 20,000. Would it be best for us to rent for another year and get our scores up higher? Our only credit payment is a car 300per/mo.Any ideas of what we should do?

Guest 0.10 Dollars($)

The mortgage company will not overlook the 7 months absence probably. In that case, I think you should continue to work so that you can show you're on a regular job.

Your score no doubt is good but to show a continuous work history, it's better you wait for some time and meanwhile your wife's score can also improve.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi bwillette,

Your credit score is no doubt good. So you can now get the mortgage at lower interest rate. I think you are first time buyer. So you can go through the page- http://www.mortgagefit.com/virginia/firsttimebuyer-loanoptions.html

If you have any farther questions, feel free to ask Smile

Thanks,
Larry

gmakerley1 · Posted: Mon Nov 05, 2007 2:09 pm Post subject:

Certainly, you may be well able to obtain a new mortgage with a good rate. How much you'll be able to borrow is hard to say, but certainly some of that is predicated by what home prices are in Maine these days.

As long as you have a credible explanation for the job lapse, the 7 months you spent out of work should not have a great impact. Truly, a family illness is credible, in my book, at least. Your credit as well as your cash availability add to your overall credibility.

All times are GMT - 7 Hours

Page 1 of 1