Worried we wont be able to get a loan

Storygurl

LoanSafe Member
#1
Hi all. My husband and I are ready to commit to buying a house. We pay 500$ a month rent and have plenty left over at the end of the month. It would be cheaper for us to pay a mortgage that rent:huh:. We have a few houses in mind right now. All are between $49,900 and $52,000. We currently have great credit and recently paid off a car loan and all credit cards with never having a late payment. We have no debt other than my student loan debt. I think hubbys credit is 720 or 740 depending on which agency you look. We have $30,000 in assents between mutual funds and CDs and $10,000 "20%" for a down payment. Does this seem like enough to make a bank comfortable with giving us a loan?

My MIL thinks we will be denied for a loan due to the current economic issues. I am not very good about navigating my way through all this banking and loan stuff. I plan to meet with the lady that did my car loan and see what she says. Just reaching out to anyone that could give me some advice? I do not plan on asking the bank for a loan on Monday. Is there a way they can look at our credit without hurting our credit?
 

OverandDone

LoanSafe Member
#2
You might want to look at homepath.com. These are the fannie mae foreclosed homes and only require about 3 percent down and lower credit scores (lower than yours) are accepted too.
 
#6
Hi Storygurl,


Welcome to the forum and thank you for joining............


The best thing that you can do is to go to the credit union and get pre approved and then go shop for houses. The CU will let you know, based on your information, exactly how much you will be able to purchase and what the terms will be.
 

RoseiB

LoanSafe Member
#7
This is probably the most common hurdle. Lenders will have a qualifying credit score depending on the loan type, your background and other details. Or you can improve your credit score by always making sure you pay your bills on time and reducing your debt-to available credit ratio.