Posted on: 05th Jun, 2011 06:19 am
i have two properties worth 250000.00-320000.00. i have a goofy personal loan as my mortgages with a balloon that comes due in jan 2012. my credit rating is fluctuating from 610- 635 depending on credit card utilization. the amount that i owe on both properties is 140000.00. i am self employed licensed general contractor with my 2010 after tax income of 39000.00. i have a student loan 50.00 per month and no other debt. i have a bankruptcy that will be 7 years old in 2012. what are the chances of me getting a loan for these properties? do mortgage agents promise a lot just to get an application? if above 620 can i really get a loan? please advise.
"Getting an application" isn't beneficial to any loan officer, or "mortgage agent" as you said. No money seeps into a loan officer's hands until such time as a loan is closed. If applications mattered, I'd still be a loan officer, having made so much with the crummy applications I received from borrowers who got declined, withdrew, got sick, died, reneged, had second thoughts, got scared, etc.
Your "after-tax" income would have to be more specifically analyzed to determine what portion of what you've written off could be added back to increase your income to a reasonable, usable amount to get you qualified as a borrower.
The "goofy personal loan" would also need to be analyzed to discover what it is you're speaking of.
Can you get a loan with a 620 score? Maybe - FHA lenders can toy with that idea, but to give you a serious and sensible answer, much more must be divulged.
Your "after-tax" income would have to be more specifically analyzed to determine what portion of what you've written off could be added back to increase your income to a reasonable, usable amount to get you qualified as a borrower.
The "goofy personal loan" would also need to be analyzed to discover what it is you're speaking of.
Can you get a loan with a 620 score? Maybe - FHA lenders can toy with that idea, but to give you a serious and sensible answer, much more must be divulged.