Posted on: 05th Jun, 2009 12:35 pm
My wife and I work full-time and make slightly more than minimum wage. We both also have excellent credit. We currently rent and our only debt is one car loan and one school loan. Neither of which is more that a couple hundred a piece. I have recently inherited a fairly large amount of money that brings in an income quarterly. Making a decent sized down payment will not be a problem on a modestly priced home. Is it possible to get a mortgage?
grouper422
Welcome to the forum.
Looking at yoru situation, probably you are in really good shape to get a decent mortgage based on your income.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcome to the forum.
Looking at yoru situation, probably you are in really good shape to get a decent mortgage based on your income.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Grouper, it really depends upon your total debt ratio. You should speak with one of the qualified loan professionals on this site and share more info so you can get a true answer.
Hi grouper,
You should be able to qualify for a loan based on the facts you have mentioned in your posts. However, as Eric has said, much would depend on your debt ratio and credit score. What are your credit score and the debt to income ratio? How much down payment do you want to make? Are you looking for any particular type of loan, like an FHA loan or a conventional loan?
You should be able to qualify for a loan based on the facts you have mentioned in your posts. However, as Eric has said, much would depend on your debt ratio and credit score. What are your credit score and the debt to income ratio? How much down payment do you want to make? Are you looking for any particular type of loan, like an FHA loan or a conventional loan?
the answer is, without a question, "maybe." your debt load, in relation to your income, is critical. can you buy something? yes, i'm pretty sure, but it would need, perhaps, to be a low-priced home if your earnings are as low as you noted.
