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do you think a bank would lend me 220K for a house? DH and I both have credit scores around 670..

We are about 40K in debt from student loans. We can put 10K down for a downpayment. DH makes about 110K a year. He just recently got a promotion within the same company. what do you think?

 
Anonymous

Asked by Anonymous at 5:22 PM on Aug. 14, 2009 in Just for Fun

This question is closed.
Answers (9)
  • I'd say, probably....just go ask!
    clhadley

    Answer by clhadley at 5:25 PM on Aug. 14, 2009

  • Magic 8 ball says, "odds are in your favor". Good luck.
    Anonymous

    Answer by Anonymous at 5:24 PM on Aug. 14, 2009

  • I think that score is pretty low so no
    Anonymous

    Answer by Anonymous at 5:28 PM on Aug. 14, 2009

  • anon:24 do you work for cha cha?
    Anonymous

    Answer by Anonymous at 5:28 PM on Aug. 14, 2009

  • Actually, right now you might have a hard time, especially with such a low down payment. Our credit score was 750 last September when we bought our house, 2 weeks after we closed, we were told that if we had waited they had tightened up restrictions so much that we would have had to have an 800 credit score. to get our home. They usually want at least 15% down, if not 20% of the total loan. I would call a lender to find out, they can give you a quick response before you get your actual approval.

    Good Luck!!
    ohwrite

    Answer by ohwrite at 5:31 PM on Aug. 14, 2009

  • It's ify I say. Your credit score is not over 700. And you have a lot of debt. And you do not have enough money to put down. Remember you most likely have to pay closing cost, that can be $5000 or more. i would say, take some of that $110K he makes a year and pay off that Debt . Save more money. Then buy a house.

    louise2

    Answer by louise2 at 5:34 PM on Aug. 14, 2009

  • I have no clue what the requirements are to obtain a loan today, but I do know that with your credit score and amount of debt, if you do get a loan, you will most likely have to pay a higher interest rate.
    If you end up in a situation where you are approved with a high interest rate, then pay on your loan for 2-5 years and see about refinancing. When you refinance you are using the equity in your home as your collateral and you should be able to obtain a lower interest rate.
    The key, though, is to pay off as much of your current debt as possible before applying for any new loans so you can build your credit score up to a better level and not have to worry about all the headaches. It sucks having to rent, but in your case it might be best for a few more years.
    I wish you all the best!
    PrydferthMenyw

    Answer by PrydferthMenyw at 5:59 PM on Aug. 14, 2009

  • I would say no because of your credit score, banks are getting really picky about that!
    lapcounter

    Answer by lapcounter at 6:09 PM on Aug. 14, 2009

  • your credit score isnt that high banks want high scores and a big down payment try for a smaller loan . you also have alot of debt . why go for a 220 k house ? why not find something that actually fits your budget.
    Anonymous

    Answer by Anonymous at 6:57 PM on Aug. 14, 2009