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We are retirees on a fixed income looking to purchase a condo for our son. Can we be approved?

combined income is over 70,000, credit is in the high 600s, and very low debt. Can we purchase without a problem? by henry845 from Atwood, Colorado. Mar 7th 2016 Reply


Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

As long as you don't have any judgement's and collections, you should be fine. Please call me at 435-764-8709

Mar 7th 2016
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Michael Glist (Team.Glist)
#73 ranked lender in Colorado - 27 contributions

There is more that goes into it than just those two things however sounds like you should have no problem. I would be happy to go over everything with you and get you pre-approved. Feel free to reach out to me to get started or if you have any additional questions/concerns.

Mar 7th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Much more info needed.. But having good income and low debt is a good thing.. Lenders make their decisions by gathering all supporting documentation pertaining to the borrowers and make their decision based on underwriting that file.. So without seeing your complete loan profile, it's impossible to say for sure.. Also, you need to thing about how you are going to buy this property.. If your son has good credit, then you can be a non-occupying co borrower.. (co-signer).. if your son has bad credit and cannot qualify. then you would need to purchase it as an investment.. the lender will require 20%-25% down.. for more info, you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 7th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

William does a good job explaining options, especially about you being a non-occupant co-borrower. Might want to ask your local mortgage loan originator about that.

Mar 7th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Having good income and low debt is good, but there are other factors that must be considered. Check with a local Loan Advisor..

Mar 7th 2016
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Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

There are many factors that go into an approval, but it sounds like you have a solid chance of getting approved depending on the property and loan amount you are looking for. Also, it will depend if this is going to be a 2nd home you let your son live in or if you are going to rent it to him. The down payment will depend on these factors. Feel free to contact me and we can do a basic approval over the phone. Justin Murray / JMurray@WintrustMortgage.com /(312) 256 4065

Mar 7th 2016
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Joyce Ettingoff (speedlad)
#35 ranked lender in Maryland - 63 contributions

Sounds like you should be OK. We are licensed in your state. Give me a call..301 915 5644. My name is Joyce my email is joyce@buckinghamfg.com. We'll make the process simple. Thanks for asking the question.

Mar 7th 2016
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

For the most part, yes. The lender will need to see financial paperwork to meet all the lending guide lines.

Mar 8th 2016
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