What are my chances of being approved of a home loan?
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The down payment will help, but you will probably get a high interest rate. May not be as high as it can be with the down payment though, so that is good. Look around. Try going directly through a bank than through a mortgage broker. Mortgage brokers get more money if they can stick you with a high interest rate loan. The higher it is, the more money they make. Go over your credit report and make sure it is correct, and if not, file a dispute with the credit report company, who will then follow up with the creditors and make them prove what they put on the report.
Look for a house that has been forclosed. I thought that I would have problems purchasing a home, but the realtor showed me a house that was forclosed on and the bank worked with me....I was stunned. The bank really wants to get rid of those houses. Also, check out homes that are up for tax sales. Many times, you only have to pay the balance of the loan and taxes...sometimes the balance of the loans is very small, and you will be more likely to get the loan.
What are my chances of being approved of a home loan?as long as your income to debt ratio is less than 30% you can be approved,the issue is going to be having an interest rate that is low. More than likely it will be pretty high. Whatever you do, DO NOT GO WITH AN adjustable rate. get a fixed or set you loan up as a 30 year loan due in 15. This will keep your payment lower and if you pay a small amount more with each payment, you will have the house paid off in 15 years instead of needing to refi in 15 years. Even if you plan on being there for say 5 years this will just give you better equity.
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