Posted on: 02nd Feb, 2009 11:02 am
I am going to sell my current home. I have 2.5 yrs of on time mortgage payments. My income is $2700/month before taxes. I have the following debts : car - 265, student loans - 200 (in deferment), personal loan - 235. Any credit card balances I will have will be less than 10 months left to pay off. I should clear around $6000 when my home sells. I am worried my debt to income might hinder me. My scores probably range in the 680-720 range and I have no late payments and good history. I currently have a mortgage with a payment of $800 and have had no problem making that payment plus my other obligations the last 2.5 years. Oh, I live in NC...any suggestions/advice would be appreciated!
You COULD qualify for a loan, but not a large one. I would see what you could do about getting rid of that car payment. You should also look into buying a cheap two family home. The additional rental income will really help you.
I am only looking for a loan of $130-35k, with 3-5% down. Is there nobody that would approve??. I was approved for my first mortgage with LESS income (though no personal loan pymt then)..and it was not a sub prime.
