Please help, would I qualify for this mortgage?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

My wife and I are first time home buyers. There is a specific home we like, but we are unsure if we would qualify for the mortage we need.

Here are the details:

Purchase price will be $550,000.

We can put 5% down ($27,500), so we need to borrow $522,500 (Which I guess qualifies as a Jumbo-mortgage)

Our annual income is appx. $140,000

FICO score is 720

Besides this potential mortgage, our only other debt obligations are a student loan ($840 per month) and a car payment ($765 per month)

So first of all, would we qualify? And if so, any suggestions as to where to obtain such a mortgage? Also, what is the rates I can expect on a 80-15-5 Jumbo mortgage?

Thanks!

Please help, would I qualify for this mortgage?

I see that those on the advise line are soliciting business instead of giving advise.

My advice to you is to immediately contact a "mortgage broker" he/she will ask for a litany of information from you that you need to supply immediately. Your mortgage broker will explain the interest rate as well as the loan programs you are qualified for.

Tell them that you have already selected a property that you would like to purchase. You did not say if the property you wanted to buy was listed with a real estate agent or not. If it is on the market and listed and you feel comfortable with the selling agent you may contact them and make an offer. If you do not feel comfortable with the selling agent you may find an agent of your own, or get a referral from the "Mortgage Broker" you select.

FirstPrevious12 3 4 Next End

Please help, would I qualify for this mortgage?

Topic