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I am 19 and have a decent job and monthly income of 4200. My income to debt ratio is below 5% since

I am 19 and have a decent job and monthly income of $4,200 in Houston Texas.  My income to debt ratio is below 5% since I have only one major and three dept. stores/gas cards. I am looking to purchase a home for $635,000 with 60% or more down payment. What are the chances of getting this loan within the next three months?
  • March 05 2013 - Fort Bend - Houston
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Answers (2)

The first issue would be length of employment. How long have you been earning $4,200 a month and what type of work? With 60% down on a $635K property (!) your debt ratio would be 52% approx which is also a problem.
Unless there is a typo, are you serious about $635K as a first home purchase at 19 yrs of age? With $380K you can pay cash for big house with a pool and some land, and have money left over for a couple of Silverado's and a riding mower..........
  • March 05 2013
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Profile picture for wetdawgs
The first thing to do is the try the affordability calculator (link here). 

Do you know what your FICO scores are? 

I suspect even with excellent FICO scores that what you are proposing is bit of a stretch but see what you determine in the affordability calculator.

  • March 05 2013
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