Posted on: 05th Feb, 2012 02:48 pm
Im a first time home buyer thinking of getting a mortgage this summer and was wondering if i had a chance of approval. I am 21, been working at the same place for 2 years making 28k a year(gross). My credit score as of now is in the high 600s with a lot of debt that i am going to pay off before i submit my app. My fiancé is 20 and has been working in the same occupation for over 2 years and has only had a small credit card limit for 3 years. She makes 32k a year(gross). What are my chances with putting both of us on the application or just myself? I'm looking for a house around 100k with 5k down.
Thanks
Thanks
Hi jakegraham,
As far as I can understand, both of you can jointly apply for a mortgage. You should contact the local lenders and start applying for a mortgage. The lender will look into your financial situation and let you know what type of loan you will qualify for.
Thanks
As far as I can understand, both of you can jointly apply for a mortgage. You should contact the local lenders and start applying for a mortgage. The lender will look into your financial situation and let you know what type of loan you will qualify for.
Thanks
Make sure to figure out the exact and the types of fee the company is going to charge you. However, many of the fees are unavoidable, but still these structures vary from firm to firm and you can save money by investigation. You should check especially about the application fee, loan processing fee, value appraisal or title insurance fee, inspection, review or warehousing fee. You should also check if there is any penalty if you want to pay the loan in advance. :idea:
Jake, I see favorable things in your post, and I also feel that you'll be able to apply jointly with your fiance and qualify for a home you wish to purchase. The income you've cited ought to be adequate.
You might need to develop an alternative credit background for your fiance, if all that exists is one credit card. That should not hinder you, however.
Go for it.
You might need to develop an alternative credit background for your fiance, if all that exists is one credit card. That should not hinder you, however.
Go for it.
