Profile picture for LbCha

How much would I need to pay off my on credit card to be apporoved for a coneventional loan?

I have excellent credit score. No debt, only one high credit card bill...monthly payment $200 and that's the only bill I have. I make between 27000-28000 a year but my lender says my debt ratio is to high for a conventional loan. Even if I open a personal loan with payment installation, I still can't exceed payment over $200. I am per-approved for FHA but I'm looking to buy a condo and all the condos in Sun Prairie are not FHA approved. I can buy a single family home but I'm a woman with little knowledge of handy man work. I don't have anyone here so it'll be hard for me to maintain a home on my own.I am commuting an 1 hour and 1/2 every day and I need this asap before it gets cold and snowy. I don't want to rent cause I got robbed while renting. I don't have much time life so what should I do?
  • September 21 2012 - Town of Sun Prairie
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

Profile picture for FloraEdward
My name is Mrs FLORA I live here in USA and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescued my family from our poor situation,{spam deleted by Zillow moderator]
  • May 17 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

LbCha:

Have you considered qualifying for a USDA loan?  http://www.rurdev.usda.gov/HSF_SFH.html  Condos are not an eligible property type to be financed under this program, but it may solve your home ownership delima coupled with a couple of the other solutions some other sales people have offered.

Good luck to you!
  • September 28 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
None of us can make a decision on your financial profile, since it is a private matter not to be discussed publicly.  I suggest that you visit with at least two mortage brokers and even a credit unio, that way in the privacy of their offices you can have a discussion with them about your options and what do they recommend so that you can obtain the best possible mortgage program.  Good luck!
  • September 23 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brian French

There are a few things missing from your situation.  The debt ration limits what you can spend on a house, so you just have to stay under a certain purchase price (for you - it would be about $108,000 - give or take).  That you do not qualify for conventional loans is more likely due to your down payment not your debt ration.  Hardly none of the condos in our area are approved for HUD (it is not FHA that approves them), but the lender can submit the documents for acceptance - HUD just made it easier to qualify condos.  You might try a different lender - one who is more familiar with condos...ask the current residents of the condo units who they went through, or I have someone I can recommend.  How much you owe on the credit card will determine what you would have to pay off.

  • September 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A single family home may be a better home and investment. You might consider biyimg a strong warranty to help with repairs. Most have a small deductible. Or find a safer rental.
  • September 21 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for MsLMJ
Try to get your credit card debit down to about 10% of your overall balance.
  • September 21 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.