Posted on: 14th Sep, 2010 09:55 am
I know that no one can tell me whether or not the underwriters will approve the loan, I would however like some "input" on our chances of approval (I am somewhat of a worry wart). The mothly PITI payments are about 25% of our AFTER tax income. We have very little combined credit card debt (under $2,000 total) and combined student loan debt of aroung $6,000. We do not have any other loans (cars, homes, etc). We btoh have decent credit as well, my score is 713 and his is 679. We do not have much in savings (a little over two thousand, one thousand of it went towards earnest money). Our closing costs and down paymetn are "gift money" from my parents... any idea what our chances of approval are? Like I said, I am just wanting a little reassurance. if you need any more info to answer, let me know
Hi lauranordean,
You have a good credit score and you will also be able to come up with the down payment while taking out the loan. In that case, I personally feel that you've a good chance of getting a mortgage. If you pay off some of your student loan debt, then your chances of getting a mortgage will increase.
Thanks
You have a good credit score and you will also be able to come up with the down payment while taking out the loan. In that case, I personally feel that you've a good chance of getting a mortgage. If you pay off some of your student loan debt, then your chances of getting a mortgage will increase.
Thanks
Your scenario sounds great! I would suggest contacting a loan officer and filling out a 1003. He should be able to tell you right then and there if he can approve you.
