Posted on: 07th Sep, 2009 08:19 pm
I am trying to get loan to build up my home. I am 24 year old & i am earning 25K PA. My credit history is good as well as I have all documents which required to get home loan. How can i proceed for loan application?
Bye.Reply please.
Bye.Reply please.
Hi bellyadams,
You have not mentioned your credit scores? What is your middle score? You need to have at least 620 credit score to qualify for a home loan. Your good credit history will help you get a loan. But if you are looking to buy a big home your income will not be adequate to help you get approved for a loan. You can use How Much Mortgage Can I afford calculator to find out if your income is sufficient enough to help you afford the home or the mortgage you are looking for.
You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation, your credit scores etc. and will suggest you the type of mortgage that will best suit your purpose.
You have not mentioned your credit scores? What is your middle score? You need to have at least 620 credit score to qualify for a home loan. Your good credit history will help you get a loan. But if you are looking to buy a big home your income will not be adequate to help you get approved for a loan. You can use How Much Mortgage Can I afford calculator to find out if your income is sufficient enough to help you afford the home or the mortgage you are looking for.
You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will assess your financial situation, your credit scores etc. and will suggest you the type of mortgage that will best suit your purpose.
belly, if you are discussing a construction loan, be aware that they are pretty much a thing of the past. also, please note that $25000 annual income isn't going to allow you to borrow much. you'll be limited to approximately $700 per month for your mortgage payment (and that includes the loan, taxes on the home, insurance on the home and mortgage insurance if necessary).
I think plese be specify about your requirement so that anyone in the forum can help you in this.
Tell about your credit score.Are you employeed....... check all those things to get new loan.
Tell about your credit score.Are you employeed....... check all those things to get new loan.