How difficult will it be to get this mortage? Recent immigrant husband?
The year will be 2010, the state will be Texas. Specifically San Antonio. We want to buy a duplex to be lived in by us and in-laws in the other half – not as a formal rental just as living with us sort of. If that matters.
Good Credit, not excellent but very good
Only a few deliquencies 3 years prior. Credit was bad but has recovered
NO outstanding debts. No credit card balances, car loans, mortgage, NOTHING
Own cars outright, have 20,000 liquid assets (cash) for down payment & closing costs
Made 36,000 + for 2 years in previous state (California)
Has made around 30,000 for 6 months in new state (Texas) Job is stable
New credit, recent (legal) immigrant with new social security number
1 year of credit, nothing negative on credit report
No debts, loans, mortgages
Has made around 30k or 40k for 6 months now – Job is stable
How likely are we to get approved for a mortgage and for what amount? Would we have any trouble getting a mortgage for around $ 150 – 175k? Does my husband having new credit and being a recent LEGAL immigrant negatively affect us (I’m sure it does but how much??). I have heard such horror stories on how difficult it is to get a loan. I know affording the home would be no problem.. I pay around the same price now for rent in L.A. (reason for moving !!) and I am the only one working..
Any advice is appreciated..
Oh for the outstanding balances thing.. I do have several years of credit history already and I am currently working to pay off my debt. By the time I am ready to buy the house the debt will be gone. I will have 1 or 2 cards that I will use occasionally but pay off..
Waiting until 2010 because we are still in the immigration process.. hubby is finishing his degree needed to get that 40k job 😉 .. paying off some debt .. and need time to save the down payment..