Posted on: 26th Sep, 2012 01:26 am
I want to take out a $70,000 mortgage on a property which is $165,000 in value. I earn in around $18,000 per annum. I have been in full time employment since leaving school, and with my present employer for nearly 4 years. I do not have any major credit outstanding. Can I get a loan? Thank you
Hi troll,
You have a stable income and job. Depending upon these two conditions, you may easily qualify for a loan. However, your credit score will also play a major role when you apply for a mortgage. Unless you have a good score, you won't be able to qualify for a loan.
Thanks,
Jerry
You have a stable income and job. Depending upon these two conditions, you may easily qualify for a loan. However, your credit score will also play a major role when you apply for a mortgage. Unless you have a good score, you won't be able to qualify for a loan.
Thanks,
Jerry
Hi troll!
Welcome to forums!
To get a conventional loan, you should have a credit score of 720 whereas to qualify for a FHA loan, the lenders will require you to have a score of 620.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To get a conventional loan, you should have a credit score of 720 whereas to qualify for a FHA loan, the lenders will require you to have a score of 620.
Feel free to ask if you've further queries.
Sussane
You have not told anything about your credit score. The down payment amount that you will be able to make will also play an important role.
Since you have a fixed job, you may be able to qualify for a loan. However, your credit score plays an important role when you want to take out a mortgage loan. Make sure you have a good credit score so that the lender may approve your loan request easily. If your credit score is poor, take the necessary steps to improve credit score before approaching your lender for loan approval.
Your current financial status seems to be in a good state. However, you have not told anything about your credit score. Your score play a major role in determining whether your loan application will be approved by lenders or not. Your credit score should lie in a good range that is above 620.
Yes definitely you can get a loan because you have a healthy working record and void of any mistakes. So apply for it whenever you want to.