Would a bank qualify us for a home loan?
Thinking about buying a condo with my fiancé in Los Angeles…Do you think we will qualify and about how much?
His Score EX 750
Mine EX 710
Gross income combined is 51k
My fiancé makes another 4k a year but is not reported or taxed…I know this won’t help us.
I am done with school and I am currently working in the same field I studied. I have been working with my current employer for a year and 3 months. Prior to that I worked at another company in the same field for 1 year.
My fiancé has been at his employer for a year and 6 months. Before that he worked for a sporting goods store for 3 years.
Together the only debt we have is a 239.00 monthly lease payment on my car.
No school loans.
We have plenty of Credit cards but all balances are very small and paid off every month if any.
I also contribute $ 100 a month to a IRA retirement account.
25000K in savings to spend on down payment AND closing cost.
My fiancé has a 2006 truck with 15k mileage –Paid off… (I don’t know if that counts)
I have been looking at those online mortgage calculators but I don’t know how true they are.
Let me know what you guys think… THANKS!