Posted on: 23rd May, 2011 11:50 pm
I'm a first time home buyer and I want to take out a mortgage of around $70,000. I earn around $18,000 yearly. I have been working at the same job for the past 4 years and have been employed in the same field. However, I had to take 8 months of unpaid leave due to personal reasons. Now, will I qualify for a mortgage in such a situation!? As far as my credit report is concerned, I do not have any major credit issues.
I just hope someone can help me. Thanks a lot in advance.
I just hope someone can help me. Thanks a lot in advance.
Hi Manderin,
As far as I can understand, you have a stable job which will be your plus point when you apply for a mortgage. You haven't mentioned the credit scores that you have. If you have a credit score of around 700-720, you will be able to qualify for a conventional mortgage. If your scores are around 600-620, you will be able to qualify for a FHA loan.
Thanks
As far as I can understand, you have a stable job which will be your plus point when you apply for a mortgage. You haven't mentioned the credit scores that you have. If you have a credit score of around 700-720, you will be able to qualify for a conventional mortgage. If your scores are around 600-620, you will be able to qualify for a FHA loan.
Thanks
Manderin, if you are able to validate the time you were out on leave, that's in your favor. Of course, your credit score will be essential to your approval. As for income relative to how much you're looking to borrow, that's a tough call since we don't have any of the relevant information about a potential home you'd be buying.
