FH and I are going to apply for a mortgage for the first time for about 250,000. Has anyone been denied a mortgage? How much does your income need to be to be approved? Anything else that I am missing? FH and I are so clueless. We haven't even obtained an attorney yet or anything! HELP!!!!
MarcellaBella
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Re: Home Owners..I need help with Mortgage question
why are you going for a mortgage? did you find a house?
Also, how much you get approved for depends on certaing things..
a) your credit.. b) combined income c) down payment (larger dp, less money to put down)
Re: Home Owners..I need help with Mortgage question
a few years ago, we were decline for a preapproval, b/c DH had NO credit...never had a bill or credit card in his name...yet he made $100K+
Its taken that time to put bills in his name...and then this year...he was approved for a non-secured credit card!!!! We were pretty excited!!
Iloveweddings
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Re: Home Owners..I need help with Mortgage question
We are buying an apartment in Manhattan through a friend of a friend! We have decent credit, no major mishaps. We will be putting 10% down. The purchase price of the apt is 275,000
Meg9-20-02
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Re: Home Owners..I need help with Mortgage question
It sounds like you should be okay - Especially since you are putting 10% down and have decent credit. It really isn't too hard to get a mortgage for under 300K. A friend of mine just got a 260K mortgage, zero down, at a rate of under 6%. Her credit is pretty good by her husband has had problems in the past. They also both work in sales (both in their positions for less than 2yrs) and the majority of their money is in commission so that was a strike against them. They still got approved. If your credit is good, you make a decent combined salary (I would say equaling 100K+), and you've been in the same job or in the same field for 2yrs, then you will have no problem.
spel
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Re: Home Owners..I need help with Mortgage question
have you applied yet? the bank requires an insane amount of paperwork for the mortgage. old tax statements, old banking statements, old paychecks, college loan statements, car lease/loan info, EVERYTHING! that was a pain getting together & of course we were super-nervous that we would be denied. but if you're pre-approved, you'll be all set. get your paperwork together asap.
good luck!
edited to add: our real estate agent helped us with a lot of it. do you have an agent or know someone in the business who could help you sort through it? we also bought the book 'buying/selling a house for dummies'- it explained the entire mortgage process & helped us understand everything.
