Profile picture for melba toast

With this "Credit Crunch" who qualifies for a mortgage?

Who is an attractive borrower, do we sound like we have a shot?

I make approximately $41,000 a year from a full time salaried position (been there 5 years) and made approx $5,500 last year on the side as a self employed photographer (cash jobs but I claim on taxes). I have zero debt and enough in savings to cover a 3.5% downpayment and closing costs. Last check, My credit score was 767. I want to purchase a home based off the $41,000 only. I sold our home last year and am now renting. My questions are:

1.Do I sound like I would be approved for a mortgage during this crunch?

2.If so, how much would I be approved for?

3. Would the lender be able to pull my score if ****! Equifax refuses to let me view my report online and makes me request it through the mail? (I have no clue why I can't access it, Transunion&Experian worked perfectly fine)

4. I am in an address confidentialty program through the State of Missouri (for victims of domestic violence, crimes, etc) I use a special PO Box to receive mail and for public records so my actual physical residence address is not on my credit reports and no one knows it. Will a lender require me to give it out on an application? I would hate to give out the physical location, and  be denied a loan. (I know the new residence legal description would be public)

I would really appreciate anyone taking the time out to answer my questions. I'm in Missouri if anyone knows of a good broker that may be willing to help me. :)

Thanks!
  • January 28 2009 - Kansas City
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Answers (8)

Profile picture for SlickPoetry
You'll qualify for a loan, but with 3.5% only to put down, it'll probably be an FHA loan which carries some restrictions with it.
  • February 19 2009
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Melba,
the scores pulled by yourself will not be all that the lender looks at, as Clay said. No need to stress about Equifax, the lender can give you a preliminary response/prequal in about 15 minutes. A Good Faith Estimate may take a day or two, depending on the circumstances.

Your confidential information can be kept confidential.

In Missouri, you can actually use the $8000 tax credit as downpayment and keep your 3.5% for closing costs, moving expenses, and emergencies. Missouri is the only state to date that has managed to find a way to allow homebuyers to use the federal tax credit this way.

Also, just because you can qualify for a $180,000 mortgage does not mean that you should. Let's take a look at how much you are comfortable paying per month before we rush off looking at homes. I have a financial worksheet that buyers find helpful. If you'd like me to share it with you, just let me know.
  • February 19 2009
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Larry, do you ever post a POSTIVE answer on Zillow?

  • January 29 2009
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Profile picture for Clearpoint

Who is an attractive borrower?  Beauty is in the eye of the beholder right?

Financially speaking Clay and Tom are right, however you mentioned "credit crunch" but how about the economic environment?  Do you have a good savings cushion?  I am not relating it to qualifying for a loan, but in terms of do you have enough saved for possible bumps in the road?  In the environment we are in right now that is very important.

  • January 28 2009
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Profile picture for melba toast
Yes, Clay. I used my PO Box to pull my Transunion&Experian credit reports.
  • January 28 2009
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You sound like a pretty good borrower to me, Even with the credit crunch, banks are in the business of writing loans, and there is always a desire for quality borrowers
  • January 28 2009
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You sound like a pretty good borrower to me, Even with the credit crunch, banks are in the business of writing loans
  • January 28 2009
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With no other debt you should qualify for about 180K on FHA. I have no idea about your current address and cant remember if I have pulled a credit report using a PO box. Is the PO Box address the one that shows on your Transunion and Experian reports? BTW, the scores you get directly from the bureaus are not accurate so you need a report pulled by a mtg company.
  • January 28 2009
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