4 responses to “Can we get a home loan?”

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  Andrea February 4th, 2010 at 06:04

  FRANCISCO

  Credit is very tight right now with the economy the way it is and mortgages in particular are very difficult to get right now. You don’t mention whether or not you have a down payment. If you don’t have a down payment, I think it is highly unlikely that you would be approved right now because banks are not doing those kinds of risky 100% financing deals any longer. That’s what helped create this mess.

  Looking at the debt you are both carrying, I would suggest paying that down, putting aside money for a down payment and not attempting to buy a house at this time. In a year, you will have paid down your debt and hopefully, your husband’s score will have improved with a year of ON TIME payments on his credit history so that you could consider buying a house.

  Good luck.

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  Santa Clarita Real Estate Dude February 6th, 2010 at 14:30

  HARLEY

  You should be able to qualify for a FHA backed loan as long as your income is high enough. You will also have to document your income, taxes and debts for the lender. FHA only requires a 3%-5% down payment. To pre-qualify yourself, try this.

  Take your total monthly debt and add it to the monthly mortgage amount. Don’t forget to add monthly property taxes, home owner’s association fees and fire insurance. Add all that up to show one monthly debt.

  That figure should be 40% or less of the borrower’s total income. Almost any local mortgage lender can do all that for and pre-prove you for free or a small charge. Good Luck!

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  Hector L February 9th, 2010 at 00:59

  FRANKLIN

  Without knowing your income, it is a little tough to guess. Try figuring out how much you can afford as far as mortgage payment. Typically you don’t want to exceed 28% of you gross pay. Your husbands score does not help you much, 700 and above is good. Good luck.

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  Pengy February 10th, 2010 at 20:19

  JULIAN

  Credit scores are just one part of the equation, it also depends on your debt to income ratio, the amount of money you have for a down payment and or closing costs etc Not enough information to even make a guess