Posted on: 23rd Mar, 2008 05:10 pm
Hello,
Can anyone tell me if my partner and I have any chance of being approved for a $50000 mortgage loan on an investment property?
We both have Credit Scores of about 643 (No late payments)
Our income combined is about $550.00 per month. (Were young)
We can afford to put $2000 down.
Any information extremely appreciated.
Thank you!
Can anyone tell me if my partner and I have any chance of being approved for a $50000 mortgage loan on an investment property?
We both have Credit Scores of about 643 (No late payments)
Our income combined is about $550.00 per month. (Were young)
We can afford to put $2000 down.
Any information extremely appreciated.
Thank you!
Hi Fuze,
Welcome to the forums.
Your credit score is not that good though it's a postiive sign that you dpon't have any late payments on your report. That might work in your favor. Also the fact that you can put down $2000 will help you qualify for financing. However, you need to check out with some lenders on the variety of loan options that are available for you. Why not opt for a free consultation on the right loan from the lenders in this community. I guess they'll be able to help you.
Take Care
Welcome to the forums.
Your credit score is not that good though it's a postiive sign that you dpon't have any late payments on your report. That might work in your favor. Also the fact that you can put down $2000 will help you qualify for financing. However, you need to check out with some lenders on the variety of loan options that are available for you. Why not opt for a free consultation on the right loan from the lenders in this community. I guess they'll be able to help you.
Take Care
fuze, with your income of only $550 per month, you will need to have zero debt in order to qualify for any mortgage. with credit scores of 643 (both of you, really?), you're going to have to pay points in order to get any financing at all.
$2000 is a paltry sum of money for someone to attempt to purchase a property for investment. you will be required to have funds in reserve in addition to (in all likelihood) at least 25% downpayment. 25% of $50000 is $12500.
all in all, the chances of your obtaining such a loan are quite slim. better to continue to save some money (a lot), begin earning wages that will allow you to exceed poverty-level income and take steps to improve your credit scores to at least 700.
$2000 is a paltry sum of money for someone to attempt to purchase a property for investment. you will be required to have funds in reserve in addition to (in all likelihood) at least 25% downpayment. 25% of $50000 is $12500.
all in all, the chances of your obtaining such a loan are quite slim. better to continue to save some money (a lot), begin earning wages that will allow you to exceed poverty-level income and take steps to improve your credit scores to at least 700.
