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Do you think we will be approved or not?

Posted by on Mar. 31, 2013 at 1:04 PM
  • 126 Replies


Last year we applied but were denied because he is commission based and had been on the job one year (the lender required two). Well its been two years and he applied again. He is going on the loan alone because I had my identity stolen. He brings in between $4,800 - 5k a month on his income. His credit is around 650- 680 :/. We dont need to be approved for much because the house we want is only 60k. Im nervous we will be denied :( I am so sick of renting, we could really use some prayers. If my credit wasnt shot from having my identity stolen it would be a no brainer and we would be approved.


Do you guys think there is any chance of us being approved?? Be honest.

ETA

debt to income is between 35 & 40%

we want to do a VA backed loan with 0 to 3k down

by on Mar. 31, 2013 at 1:04 PM
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Replies (1-10):
ERMAGERRD
by on Mar. 31, 2013 at 1:04 PM

BUMP!

ERMAGERRD
by on Mar. 31, 2013 at 1:05 PM

BUMP!

aimlee
by Silver Member on Mar. 31, 2013 at 1:07 PM
1 mom liked this

yes. Plus the house is so cheap, you most likely will. 

keisha613
by Silver Member on Mar. 31, 2013 at 1:07 PM
I don't know the chance, but I wish you well. We are hoping to buy in the near future too. I abhor renting.
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Anonymous
by Anonymous on Mar. 31, 2013 at 1:08 PM

How much are you putting down?

momo3fgr8tteens
by Ruby Member on Mar. 31, 2013 at 1:09 PM

Yes I think you will. 

Anonymous
by Anonymous on Mar. 31, 2013 at 1:09 PM

Why is his credit so low?

mem82
by Gold Member on Mar. 31, 2013 at 1:10 PM

Good luck!

bc19
by on Mar. 31, 2013 at 1:11 PM

Well, my dh has a score of 621 and mine is 632. He brings in a little over 40k a year. We don't have a great credit history. However, we got approved for a 50k home loan just last week. We are putting 25k down plus the closing costs. So, you probably have a good chance. It might come down to how much you are putting down for a down payme nt.

Anonymous
by Anonymous on Mar. 31, 2013 at 1:12 PM

If he's had 60K in income over the last two years, and you have consisted good payments, and a decent downpayment, I don't see why you wouldn't 680 isn't the best, but its workable.

However if your on there and you are in default on things (if its true id theft you should be presenting with police reports and other actions taken)

it will hurt - a lot.


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