What are my chances for mortgage?
I’m 23 years old new immigrant (been in USA for one year). I got a job recently with $ 85,000 annual salary. I’m thinking of getting a $ 750,000 loan for buying a house, I’m putting down $ 250,000. So I was wondering if I can get a loan, I’ve been told that I should prove that I have been working for the past 6 months, I haven’t been working but my brother used to work.
So would the bank give us loan if me and my brother wanted to buy a house, we both have ~700 credit score and no missed payments in our files.
Note : my brother also makes $ 80,000 a year
Thanks all for reply.
I looked at MyFico website and it says that a loan amount of $ 500,000 would require $ 2,773 (based on my credit score). Taxes are $ 300/month so it would be around $ 3000/month.