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What should be the ratio of income to mortgage loan amount to make sure I am approved?

 Mortgage  6 Responses »
May 102012
 

I am looking at buying a property for 180,000. This is my first home and I can put down only 5-10%. My salary is 55,000 per year and I have a small business online that generates 20,000 per year. The property is a 5 unit apartment complex with all units currently rented and producing 2380 in monthly income currently. The total costs involved in the property if I were to own it would be 2000 per month. Should I get approved for the loan?

I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?

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How can you be approved for a mortgage and then denied right before closing?

 Mortgage  3 Responses »
Apr 092012
 

We applied and were approved for a refinance on our mortgage. The day before closing the underwriter says that the expenses we claimed in our tax return last year(approx $ 20k) were to be deducted from the income and therefore the ratio was off. I’ve never heard of this. I assumed that this would have [...]

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Mortgage Approved, How long it takes to show in the credit reports?

 Mortgage  3 Responses »
Mar 292012
 

If I get approve today for a mortgage loan, how long does it take to show up in a credit report? Or If get approve for an Auto loan, how long does it take to post in the credit report. The credit report that the lenders can see.

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How likely is it to get approved for a mortgage if it has passed through the automated UW?

 Mortgage  1 Response »
Nov 302011
 

How likely is it to get approved for a mortgage if it has passed through the automatic underwriter? I’m a first time home buyer and I really don’t know what to expect.

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Can you be approved for a FHA mortgage loan if I already have a mortgage loan that is a conventional mortgage?

 Mortgage  6 Responses »
Nov 302011
 

The house that I have a mortgage has been sold as a contract for deed. The house that has the mortgage is within 50 miles of where I want to move to. Thanks!

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How does your employment history affect whether you get approved for a mortgage loan?

 Mortgage  3 Responses »
Nov 302011
 

I have been at my current job for 3 years as a collector for a major corporation. I just graduated and got my bachelors in psychology. I got offered a job related to my degree, the pay is better that what I am currently making. I live in Arizona I want to purchase a home [...]

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Does a pre-qualified mortgage letter means I have a good chance of being approved for a mortgage?

 Mortgage  4 Responses »
Nov 302011
 

I spoke with a chase representative and I received a pre-qualified letter for a mortgage. My credit score is in the uppers 690′s(middle score) I have no debts and pay all my bills on times. I was wandering if the pre-qual letter means it’s a good chance I will be approved for a mortgage.

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What credit score do you need to get approved for a mortgage?

 Mortgage  3 Responses »
Nov 302011
 

What other factors make you a good candidate for mortgage approval in Canada? Does your credit rating affect the interest rate that you will receive?

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How is my credit score affected after I get approved for a mortgage?

 Mortgage  3 Responses »
Nov 302011
 

I have been paying for my new mortgage for 2 months now, and noticed that my credit score went down more than 50 points since the mortgage loan appeared on my report. Why is that???

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