Profile picture for JADRBrown

Could I qualify for a mortgage loan

Hello- this is a basic question that I am sure has been asked many times, but I would like an answer for my specific question.

I currently live in an apartment and pay $779 a month for rent. I know that I can find a great house with a monthly payment that is less here in my area. Though my income is combined with my Fiance's, he will not be apart of the mortgage process because of a lower credit score. I currently have a credit score of 691- I bring home around $2,000 a month and have a monthly debts of under $500. My longest credit line is from around 2007 and I currently carry a debt on one credit card and an empty monthly balance on two others. I had one credit card sent into collections that I fully paid off to the collections agency in April of 2012. My last significant missed payment on a credit card was in 2011 and since, I have not missed a payment on anything and pay double my monthly payments on the card I have a balance on. I would only be able to supply a down payment of around $10,000. I'm not sure what other information is needed, but I wouldn't even be looking to purchase until late summer or fall of 2013.

Thanks!
  • March 05 2013 - Florence
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Answers (5)

Best Answer

It sounds to me that you are moving in the right direction.  You should ask a mortgage loan officer take all your information to and pull your credit.  Depending on what the sales prices are you may be ready.  Please contact me if you have more questions.
  • March 05 2013
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Profile picture for JADRBrown
Thank you, but I'm not dumb enough to contact it anyway :)
  • March 05 2013
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Lynne,
You are obviously new to Zillow but have already violated their Good Neighbor Policy by putting your contact info in your reply.  Zillow will remove it shortly.
USDA Agency but as your web site states "not a goverment agency". Really...
Timothy gave the best answer.

  • March 05 2013
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Profile picture for Cindy Quinton
Probably, but you won't know for sure until a lender has ALL your information.
  • March 05 2013
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[content removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for details.]
  • March 05 2013
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