I want to buy a bigger/newer home, do you think I can qualify for this loan?? See details. thanks?

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Right now, my mortgage is in my name only. My loan is for about 74k. I work as an insurance agent, and am doing pretty well for a rookie. I am on my way to making about 50k this year in my first year. The home I am wanting to buy is about 145k. What are the chances I will qualify? What can I do to help qualify? I have no credit cards. I owe 10k on a jeep, and about 15k in school loans, and about 5k in other miscellaneous loans. My wife makes about 12-15k a year.

I want to buy a bigger/newer home, do you think I can qualify for this loan?? See details. thanks?

Is the 74K what you still owe yet on your current mortgage or was that the amount of it? If it was the amount, how much equity do you have in your home? You MIGHT qualify if you can come up with 10-20% down payment, and your financial statement has more assets than liabilities. Right now you are needing $175,000.00. That's your new home you want, plus all your loans, excluding all your other bills; groceries, utilites, taxes & insurance, etc.... Your annual income is at best 65K. I don't want to discourage you from at least trying, but I do think in all reality that you would have a hard time qualifying. I hope I'm wrong, and I hope you get the house of your dreams. Good luck and take care.

I want to buy a bigger/newer home, do you think I can qualify for this loan?? See details. thanks?

There is more you need to share in the equation. My first thought is yes, you could probably qualify. You own a home now and you have sufficient income. But, you do need to look at your credit scores and see how that appears (www.annualcreditreport.com). Also, your down payment amount, and "cash reserves" (money you have in any liquid account, like 401k, savings) are considered in your "risk" analysis. Also, some lenders are spooked if you don't have a full two year employment history - I'm not sure if you were a full time student prior to this job or employment in a similar field/industry. You consider yourself a rookie, so that may be one area to spell out to a mortgage consultant.

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I want to buy a bigger/newer home, do you think I can qualify for this loan?? See details. thanks?

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