Mortgage Pre-approval process?

I would have to look at your overall picture. Keep in mind, different mortgage companies calculate income differently and have different debt-to-income limits. Please give me a call at 888-435-7190.thanks,Joe

Your lender will take your income and monthly debts and calculate a ratio that tells him how much monthly home payment you can afford depending on the loan product. You credit score tells him what programs and what hits if any are needed to quote your interest rate. Call me and I can give specifics.(256) 749-7948

Seems like your credit score is enough for a mortgage, but your debts and income are what is limiting you on financing. A general rule of thumb, a mortgage underwriter will want your debt to income ratio below 45%...So if you earn 35k yr, thats $2,916 a month. Take 45% of that = $1,312 (this number is the max debt you can carry, including your mortgage principle, interest, taxes, insurance, mortgage insurance and all your debts included on your credit report.) So if you have 500 in debt payments, and your taxes and insurance are 400 (on the new property), that equals 900, minus that from the $1,312 and you have $412 left over for a mortgage payment. At a 30 year term and a 5% rate, you would qualify for 76k...This is just an example on how an underwriter would take your income. You may find a lender to go higher on the debt to income ratio possibly 50% even up to 55% on FHA. Try paying down your debt if you are looking to get a more expensive home, or add a co borrower....Good Luck!

Pre-approvals do not have to match the price of a home.In your case, if you can borrow only $65,000 then you would need to pay for anything above that out-of-pocket. That makes a $220,000 home quite a stretch. You could try purchasing the home with another person or persons.Tom