Posted on: 08th Apr, 2010 10:58 am
I have been employed as a nurse for two years, but spent many years in school finding the right vocation. As a result, I have racked up $230,000 in student loans and credit card debt. (Monthly payment of $1500.) I also have $10,000 left on my car loan ($260/mo). My current credit score is 700 and I have never missed a payment on anything. Is there a chance at all that I could get approved for a mortgage with these numbers?
Thank you!
Thank you!
With a credit score of 700, you would be able to get a conventional loan to buy a property. However, the huge student loan and the credit card debts may go against you. I think it will increase your debt to income ratio which will make you ineligible to qualify for a loan.
However, I would suggest you to contact the local lenders and check out if they can pre-qualify you for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a mortgage.
However, I would suggest you to contact the local lenders and check out if they can pre-qualify you for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a mortgage.