Posted on: 03rd Jul, 2009 04:57 pm
We are in a financial situation where I lost my high paying job and I am going to lose my home in a bankrupcy. My partner would like to try and get approved for a repo mobile home so we can get our expenses down to where we can afford and live in the same area so the kids can stay in their schools. I just need to know if she would qualify on her own. She has excellent credit but only makes about $42,000 per year. We are looking at homes for $60,000, I think the rent is around $1200.
Thank you,
Tracey
Thank you,
Tracey
Hi Tracey,
Though she has got an excellent credit, if she cannot show enough income the lender will not offer her a loan. The elligibility requirements have now become stricter than before. The lenders will check your income to make sure that you can afford the mortgage payments. Since the loan amount is not too high, the lenders may get her approved for the loan.
You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will be able to tell you if she can qualify for the loan with the income she presently has. They will also be able to suggest you the right type of loan that will suit your requirements.
Though she has got an excellent credit, if she cannot show enough income the lender will not offer her a loan. The elligibility requirements have now become stricter than before. The lenders will check your income to make sure that you can afford the mortgage payments. Since the loan amount is not too high, the lenders may get her approved for the loan.
You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will be able to tell you if she can qualify for the loan with the income she presently has. They will also be able to suggest you the right type of loan that will suit your requirements.
Borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest.
Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.
Lenders expect you to put down 5-10% of the purchase price for newly built homes for a loan term of 15 to 30 years depending upon your credit profile, size of the home and type of loan. For a pre-owned home, the down payment is the same but loans are available for 20 years depending upon the factors stated above.
In present case i want to suggest one thing as 'Lender will always consider while providing mortgage about your present job profile though you have good credit score rght now but lender needs assurance for future installments'
Lender definately look your job profile and monthly income source as present credit score is equally important.