Could I qualify for a house loan?
I’m interested on purchasing my first house. however I have no idea about the process, I’ve read and search a little bit but I’m still confused and uncertain to even go for a pre-qualification.
I have little credit, I just start to make credit about 3 years ago and so far keep it in good stand, I still owe about 5k in credit cards which I’m trying to pay ASAP to increase my score which right now is about 650.
I’m single but I bring my parents to come and live with me from another country so, I don’t know if that matters for this purpose, but they don’t have credit here in the US. annual household income is about 45k, I currently pay $1200 rent and I don’t know what esle matters, bills are about $200/month (without credit cards).
I heard there’s a minimim of 3-5% of down payment depending on many factors, so here are the downsides:
I don’t have any savings yet, I would but I better keep paying off those credit cards first to avoid the interests.
Houses around my area (Orange county, CA) are quite expensive, even the cheaper ones are around $250-300k so I don’t think I will qualify for such a high loan amount.
Many people suggest me to get a loan for a condo which are much cheaper, but I just don’t like to live on a condo, I’ve lived like that for a while and is very unconfortable.
So, could you let me know if I have any chances to qualify for a house loan? Thanks!
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July 13th, 2009 at 7:07 am
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It’s a very good idea to “prequalify” first. Go to your local bank – preferably, if you can, with a banker that you know.
Be careful! They may tend to “prequalify” you for more than you actually are willing to spend. It may not be so bad since the credit crisis has occurred, but it used to be that you could prequalify for A LOT more than you actually could afford.
Figure up your budget first, and be aware exactly how much you can afford for a mortgage payment, etc.
Good luck.
July 16th, 2009 at 6:01 am
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A year or two ago you could have gotten a loan for a 250-300K on your income, but from the sounds of it I would wait. You don’t make very much and you really don’t want to put yourself tight. Maybe a foreclosure would be cheaper for you, but first step is meet with a reputable bank and see what they have to say.
July 16th, 2009 at 7:59 am
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If the 45k a year is your income than you will be able to qualify for a loan. You can not use any of your parents income because they have no credit . If you need help getting pre approved just let me know. I will help you just send me an email