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hi, my girlfriend and I have been pre qualified for a loan but i guess i still have doubts of actually being completely approved for a loan. We both are about 25 years old with degrees. Both of us have our school loans payed off and cars/ no credit card debt. Our credit scores are 780 and up. We have 20% to put down with extra money on the side on a 200,000 loan. I guess my question is i got laid off and collect unemployment and am allowed to make upto a certain $ amount each week without affecting my unemployment. My gf currently make about 1200 each week before taxes. Just wondering if we should get a co signer (one of out parents) to sign and make sure we get the loan or you think we have a shot on our own. I know we will miss the window with the 8k tax credit.

JKennedySLG · Posted: Mon Oct 26, 2009 1:21 pm Post subject:

Were you qualified on your income prior to being laid off? Your unemployment income is not really satisfactory. Your accuracy of your approval is going to be based on the numbers you had given to your loan rep. So, the question is what income figures did you use to get pre-qualified? Please clarify.

Posted: Mon Oct 26, 2009 1:40 pm Post subject:

pretty much my girlfriend gave her income for the pre qualification. i just said i am allowed to make 120 a week with it not affecting my unemployment. i know they will not count unemployment toward getting a mortgage. so we pretty much got pre qualified off my GF info alone. But actually going for a loan could be a different story even with our high 780 credit scores no debt and about 60k in the bank. Maybe im just paranoid o dont know.

Another question is should i use the internet to get a loan or actually go to a established neighborhood bank. thanks

gmakerley · Posted: Mon Oct 26, 2009 6:58 pm Post subject:

clearly if the lender with whom you are prequalified is aware of your situation, then you should be in the clear. i would hope that your minimal amount of income isn't being used, because you're no longer fully employed, after all. as long as her income is sufficient to carry the loan, you can mop your brow once and for all.

established bank or internet? who prequalified you - somebody you don't trust? why would you switch horses in the middle of the stream? do you feel that the work that was put in by that particular loan officer doesn't warrant a paycheck? you may certainly go wherever your wish, but i would love to know that you respect the poor slob who worked on your prequalification enough to go back there.

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first time buyer/mortgage question HELP PLEASE