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Will I get approved?

I have over 200k in student loans, 30k in credit card debt, and 30k car loan. What are my chances of being approved for a home loan...considering I have a 765 credit score and 100% on time payment history? Also I am an attorney and make a little over 80k a year. by Tclove21787 from Montgomery, Alabama. Jan 17th 2021 Reply


Tom Lewis (Tom@Cardinal)
#16 ranked lender in Alabama - 22 contributions

The general rule of thumb is to have a debt to income ratio of 36/45. The "36" represents the new monthly mortgage obligation (including P&I, mortgage insurance, property taxes, HOA dues, etc.) The "45" includes ALL debts (including new mortgage), NOTE: the "45" can be exceeded in certain circumstances. You credit score opens you up to numerous programs. If you would like to discuss your options, please feel free to contact me anytime.

Jan 18th 2021
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Probably. With your credit scores, a conventional loan will allow a Combined Debt-To-Income (DTI) of right around 45%. With the debt load you have indicated and depending on the purchase price and down payment you would be looking at; I would say that obtaining an approval looks promising. Now is the time to connect with a Licensed Mortgage Loan Originator and get yourself pre-qualified so you know what your purchase limits are. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Jan 18th 2021
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

Your basics sound fine. The only way to officially know is to apply. Reach out to a local mortgage broke in your area, and stay far away from the big internet lenders. I lend in MN, WI, IA, SD, ND. Find me at Minneapolis-Mortgage.net - Cambria Mortgage, NMLS 274132

Jan 19th 2021
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