Posted on: 15th Sep, 2008 07:43 pm
My credit score is 690. I need to close on a new home I am buying from the builder (lease-to-own). Pd 100K down. Bal 450K. My salary is 200K/yr. Very little debt less than 50K. I have been self-employed for approx. 14 yrs. Do you think I can qualify for a mortgage loan? I currently have little over 100K in savings. Considering mortgage crisis today, should I try to close now or wait. House recently appraised at 660K. Please help!!!
Hi Bosslady,
Welcome to forums.
I think you can try for a home loan right now. It's true the mortgage crisis does have an impact on the loans one may qualify for. But the financial situation of an individual is important. If you have good income and credit score and your liabilities aren't too much, you can expect to get a suitable offer.
I find you have considerable savings too. Lenders often ask for cash reserves which I believe you can easily afford since you have good savings.
The best way to find out if you qualify and for how much is to go for a no-obligation free loan consultation on the right mortgage with the lenders in this community. The lenders will analyze your situation and offer you a mortgage based on your affordability.
Thanks
Welcome to forums.
I think you can try for a home loan right now. It's true the mortgage crisis does have an impact on the loans one may qualify for. But the financial situation of an individual is important. If you have good income and credit score and your liabilities aren't too much, you can expect to get a suitable offer.
I find you have considerable savings too. Lenders often ask for cash reserves which I believe you can easily afford since you have good savings.
The best way to find out if you qualify and for how much is to go for a no-obligation free loan consultation on the right mortgage with the lenders in this community. The lenders will analyze your situation and offer you a mortgage based on your affordability.
Thanks
I can help. Email me!
martytheloanofficer@gmx.us
Marty
martytheloanofficer@gmx.us
Marty
Bosslady,
I agree with George. You shouldn't have any problem getting approved for a mortgage with a low rate. I wouldn't wait much longer since the rates did drop recently. Depending on your location, you may qualify under the economic stimulus act which would allow you to get into a fixed rate that is in the 5's.
I agree with George. You shouldn't have any problem getting approved for a mortgage with a low rate. I wouldn't wait much longer since the rates did drop recently. Depending on your location, you may qualify under the economic stimulus act which would allow you to get into a fixed rate that is in the 5's.