Is a mortgage in my future?
I have a great salary , currently sitting on $40,000 in credit card debt but can get $50,000 for down payment from my 401K. What are the chances of getting mortgage? by JamesDevn393 from Atlanta, Georgia. Jun 11th 2010
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
That depends on your income. $50K in credit card debt is quite a bit and will affect your debt ratio, so you would need a decent income to offset that. The good news is that borrowing from your 401K will not be calculated into your Debt To Income Ratio so that will help. The best thing to do is have a loan officer review your situation and see if you will qualify. Qualification is normally free; search the lender directory here on Lender411 and find someone to work with.
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
I agree with GVDenny. We are National Direct Lenders and would be happy to provide you with a FREE, No Obligation quote. Please forward your contact details.
Peter Kelsey (pkelsey)
#12 ranked lender in South Carolina - 8 contributions
I agree.... best thing to do is have someone review your scenario in depth. As long as your credit score is good and your income is sufficient to pay all of your bills and your new mortgage, you should be fine.
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