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Walker
Guest
0.10 Dollars($)
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 Posted: Wed Apr 23, 2008 10:09 pm Post subject: Can we get a home loan? |
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My fiancé and I are trying to get a mortgage and here's our situation. She's into making $800 a month. I have recently been discharged from my job and I am into part job right now earning $550 a month. So you see we can afford a home loan with ,monthly payment of $300-400 as we don't have other debts like credit cards and auto loans to worry about . but I guess banks look into your income and debt ratio as well as credit score, so is it really possible for us to get a home loan? We’re going to talk to a loan officer today and sort out how much wecan get but I just felt I’ll put down the question here and if anyone can make guesses as to how much we can get? One more detail if you need , we don’t have late payments on our credit.
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 larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Wed Apr 23, 2008 10:23 pm Post subject: |
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Hi Walker,
Welcome to the forum.
You are doing a part time job right now. So you may not be able to get a home loan but your wife may able to get the mortgage if her credit report is fair enough. But she may not be able to get a huge loan. I think you need to know how much can you afford? To know it you can check out this calculator How Much Can I Afford?
Best of luck,
Larry |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Thu Apr 24, 2008 6:00 am Post subject: |
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walker, you will be best served to gain full-time employment before you begin looking for a home. you've cited $300-400 monthly as what you can afford. in most markets, that won't buy you much.
you've said your credit habits are very good. once you've landed a full time job that will pay you a reasonable sum of money each month, you'll have a good shot at a reasonably-priced, affordable and perhaps more spacious home.
as larry pointed out, your part-time status is not going to be looked at favorably by a potential lender.
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George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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Walker
Guest
0.10 Dollars($)
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| Posted: Fri Apr 25, 2008 6:15 am Post subject: |
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| Thanks a lot guys for you advice. so I'll wait for a few months, gear up my finances and then start shopping for a loan. I did want to buy a home right now but i don't want to mess up and make things worse for me just like others have done. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Fri Apr 25, 2008 7:36 am Post subject: |
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good thinking walker.
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George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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