Credit Score Needed For Mortgage Approval
July 31st, 2009 | 
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Question: Mortgage Loan---chances of approval? how much? rate?
My husband and I want to buy a house (basically tired of paying $1800 in rent in city), details:
credit scores: 574 (mine) and 629 (his)--old undergrad stuff
income: $30,000+ each (fixed for next 4-5 years, research fellows)
investments: both have IRAs, average each is $4000...mutual funds $5000
savings: combined $7000
debt: me (~$3500) him (~$19,000)
We will have cosigners (retired parents, with substantial income and great credit history)
Will we be able to get a mortgage, if so about what amount would it be, interest?? We kind of need specifics (as much as possible) so we know what we should be looking at. I know it maybe crazy to think about buying but if you were paying $1800/month in rent for the past two years you would do the same----thats less than our neighbors pay in mortgage (but moving out of the city is not an option due to our schedules and public transp. needs)
Should he apply by himself with our parents since his stuff is better?
Answer: Talk with your bank, find out what their process is- find someone you trust. Don't listen to everyone like the guy above who may just be trying to make a buck. The bank will tell you what their debt ratios are- something to check on...
Is a Pre Approval an Approval? Mortgage Financing
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