Posted on: 06th Nov, 2012 12:08 am
My husband and I, both of us, are ready to buying a house. We pay 500$ a month rent and have plenty left over at the end of the month. It would be cheaper for us to pay a mortgage that rent. The houses that we are looking are between $49,900 and $52,000. We currently have great credit and recently paid off a car loan and all credit cards with never having a late payment. We have no debt other than my student loan debt. I think husband's credit is 720 or 740 depending on which agency you look. We have $30,000 in assents between mutual funds and CDs and "20%" for a down payment. Does this seem like enough to make a bank comfortable with giving us a loan?
Hi Gorry,
Whatever details you have mentioned here seems to be quite good for you to get qualified for a mortgage. In such a situation, I will suggest you to contact a lender and take his opinion in this matter.
Thanks,
Jerry
Whatever details you have mentioned here seems to be quite good for you to get qualified for a mortgage. In such a situation, I will suggest you to contact a lender and take his opinion in this matter.
Thanks,
Jerry
Given the credit score of your husband, chances are quite high that you will be eligible for a conventional loan. Go ahead.
Yes, I think the bank will approve your home loan. Your husband seems to have a good credit score. So, you shouldn't face difficulty in getting loan approval. Talk with your lender before you may take out a loan so as to avoid unnecessary problems in future.