What’s the chance of me qualifying for a mortgage?

CuraDebt

Age 23
Income: Take home 3,000 to 3,200 monthly
Full time employment at job 18 months
3 Credit scores range 738 to 756
No credit card debt, debt is 7k left in student loans
Live in midwest

I don’t know if my income is high enough, is it a normal amount? Also, What’s best for a single woman, a condo or a small house?
Savings total of 19,000 but growing by 1300 monthly.

Tags:

5 Responses to “What’s the chance of me qualifying for a mortgage?”

  1. Shopper Reply

    Do you want to buy a smaller place to have a good quality of life such as
    saving for your future, buying cars for cash, not having to finance furniture?
    Then a mortgage should never be more than 2 times your annual take home
    Ex: 72K mortgage.
    Some banks will easilly allow you to go for 3x – more profit for them the higher mortgage you make. Don’t trust banks – ok?

    You’ll need a down payment.
    20% will avoid that nasty PMI – which is like throwing thousands away a year.
    Get a book called Home Buying for Dummies or something similar
    You will need 2 years worth of steady employment.

    You can put 15K down and get a 90 or 100K place.
    Call a small bank or credit unon and make an appointment to talk to them.
    You are so close. Do not open any new credit 6 months before buying a home.
    A “feeble” minded lender may give bad advice on opening new credit.
    That is why you need a good book.

  2. Zarg222 Reply

    you will only qualify for a house prices no more than 2.5 to 3 times your annual GROSS income
    so if there are houses prices under $125,000 where you live, you might get approved

    condos are the worst type of real estate investment – condo fees always increase, lots of restrictions and poor resale value

    I would try and get that school loan paid off first – seems like you can do that in the next 6 months easy with the money you are currently saving

  3. Sue Stewart Reply

    You could probably qualify for a loan for about $100,000 or 2 ½ to 3 times your annual gross income.

    If you really want to see if you can qualify… you can find out by using MortgageMatch.com’s PreQual Plus feature (https://www.mortgagematch.com/prequalify/interview_your_property.aspx?redir=1), which is easy and provides you with a guaranteed prequalification letter in as little as 15 minutes. Meaning that you get an electronic prequalification letter that includes actual loan terms and corresponding rates that you can give to your real estate agent or print it out yourself before touring a home.

    And whether you decide on a condo or small house, MortgageMatch.com will also show you listings from Realtor.com based on your location and price range.

  4. Please punctuate properly, folks Reply

    What’s your deposit? It’s crucial that you put down a certain amount when you apply for a mortgage these days. I would seriously consider spending a couple of years or more in the best “trailer-park” you can get into – honestly, your rent will be negligible, and you will be able to save a decent deposit.

  5. the kid Reply

    You could qualify. Probably for about a $100K loan.

Leave a Reply

*

Spam Protection by WP-SpamFree