Pre-qualified but worried I won’t get approved

QuestionsPre-qualified but worried I won’t get approved
Lazaro Cowen asked 6 years ago

So I was prequalified for a house (with my fiance) of $ 280,000 with a 20% down payment, so a mortage of $ 224,000. The lender reviewed our credit scores, income, and loans on our credit report, and we were prequalified…but obviously didn’t give the scrutiny that would be given to the actual mortgage application.


I’m a bit worried because we have a large amount of loans and our debt to income may be too high.




Our credit scores are about 735 and 760

Our combined income is between 115k and 120k

We have a full 20% to put down as a gift from parents, will have about 25k cash in reserves, and another 50k in stocks in my name


All sounds good, but heres the kicker:


Total monthly debt (student loans, car loans, etc.) – about 2,400


I am hoping the fact that we will be putting 20% down, and have about 75k afterwards will help us overcome the high debt per month.


Anyone with some knowledge have any insight, it’s just making me feel uneasy. Thanks



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