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Can I get a loan?

Short/sweet,I have a 740+ FICO,35k to put down on no more than a 130k home,no debt other than current rent/utilities,but only 8mths. at a 36k a yr. state gov't. job and no/low W-2's for the last 4 yrs due to layoff/parental illness.Can I get a mortgage at a good rate from a reputable lender?I don't want to damage my credit by applying for a loan I can't get.1st time homebuyer if that matters anymore.Thanks,DN in NC.
  • October 19 2012 - Cary
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Answers (1)

In regards to the applying for credit portion of your message:

Unless I am mistaken...you can have your credit run for a mortgage an unlimited amount of times for a one month period. I think this is because you are expected to "shop around," and I believe the same thing is in play for when you shop around for a Car loan.  After your month is up, then every run hits you as an inquiry though.

You should verify this with a reputable loan professional before doing anything to be on the safe side. Please feel free to email me if you hear otherwise...that way I don't tell anyone else possibly wrong information :)

As to whether or not you can get a loan:

Contact a reputable loan professional.  Most of the 'good' ones will not even run your credit until they make sure they can do the loan...so make sure you don't release your SSN until you're ready to pull the trigger (if they say you can, anyway).

Best wishes from So-Cal
  • October 19 2012
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