Category: 
November 23, 2008
I am looking to buy a 40,000- 50,000 condominium and was wondering if a home loan so inexpensive will be hard to get.
My credit score is 710, I am self-employed and make 50,000 year. My only debt is a 35,000 car loan with 32,000 left on the balance with 6 years left to go.
My problems are that I’ve only been self-employed for a couple months, and the auto loan is just as new.
I wish you had bought the condo before buying a new car. Since your auto loan of $35k had been approved, your mortgage would have been approved then. Now you are trying to borrow the similar amount on top of your car.
The mortgage lender evaluates your take home pay against your monthly payments plus your earning capability. As long as the car and mortgage payments combined is less than 35% of your take home pay, you have a good chance since you have a decent credit score. You need only to apply and find out.
Horaayy..there are 2 comment(s) for me so far ;)
I wish you had bought the condo before buying a new car. Since your auto loan of $35k had been approved, your mortgage would have been approved then. Now you are trying to borrow the similar amount on top of your car.
The mortgage lender evaluates your take home pay against your monthly payments plus your earning capability. As long as the car and mortgage payments combined is less than 35% of your take home pay, you have a good chance since you have a decent credit score. You need only to apply and find out.
References :
With being self employed for only a couple of months, you will not qualify. Keep saving, and report your income honestly on your tax returns so that two years from now the lender will be able to average those numbers and qualify you.
References :
In the mortgage business