You should easily qualify for a home loan based on the information you've provided so far. There are other factors that go into a mortgage approval, but you're off to a good start from what you've provided so far. Good Luck! : )Dec 13th 2011
With the information you provided, yes, it looks like you could qualify for $185K. However, I would need a little more information, like what additional monthly debt you have. The credit scores sound good, and your wages can handle that payment. Depending on the program, you can go USDA with zero down, in qualified areas, FHA, with 3.5% down, or possibly Home Path, with as little as 3% down. Please call me to discuss the details of your situation and to get prequalified! 678.493.3366. Christina MurphyDec 13th 2011
We cannot say for sure unless we see your complete profile, however based on the information you provided, you would qualify.. FHA Requires 3.5% down or if you purchase a HUD home in some area's the down payment can be as little as $100 down. Conventional financing requires a minimum of 3% down, but the monthly mortgage insurance would be very high... your better off with FHA if you don't have at least 10% to put down.. WilliamAcres.comDec 13th 2011
Credit scores are only part of the formula. You and your wife have good scores, and your income appears sufficient. Other questions are what other debts do you have, since this is your first home, it's safe to assume you do not have a foreclosure, and with your scores, a bankruptcy in the last 3 years is probably unlikely. So the answer is Yes, you probably would qualify. My advice is to find a local Mortgage Banker/Broker to work with. I would avoid one of the big banks since as a general rule, many of them are simply order takers. When you work with a licensed Mortgage Loan Originator, you are working with a professional that has been Trained, Tested and Licensed. You can check out their background at www.NmlsConsumerAccess.org.Dec 13th 2011
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