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Home >> Lending >> Home Mortgage
How Qualified are we for a Mortgage Loan?
I am wondering if there is any chance I will be eligible for a loan to get a house, and if so, for about how much? I do not expect a exact number. I am just trying to figure out if I should look for a house. My husband and I have decent credit scores. I think they are in the six-something and seven-something. However, we have a car loan on which we are still paying. We still owe $20,339.72 on it. We also have my husband's student loans, when he graduates on May 8, and we owe about $15,000. We also have about $2,000 that we owe on are credit cards.
My husband starts a job on March 10, and he will be making $50,000 a year. I am currently getting unemployment checks for $300, every two weeks. My husband also started a part time job and is making eight dollars an hour, working twenty hours a week. He will not work there once we move. We have no money in our saving or checking accounts. We have no down payment money, unless we can use my credit card. Do you think we will be eligible for a loan for a house?
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 You really need to speak with a lender to know what their qualification requirements are, but in our experience, you wouldn't qualify. You have no down payment. Your husband will be newly employed. You will need to know when your unemployment runs out and what your expectation of employment is by then, if your income is necessary to qualify.
Speak with a mortgage lender, though. Often there are grant programs available to assist first time homebuyers who otherwise qualify. It may be that after a matter of months or a year or more, you will qualify.
Do not try to use a credit card to help on your purchase. Start saving for the down payment. That, along with time on the job, will help a great deal. It also matters in what line of work your husband is. If it hasn't changed, it may not matter how long he was with this employer, but how long he has been doing what he does.
Published on BankingQuestions.com 4/27/10
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