Could I be approved for a mortgage?

My Name is Patrick Cashman (NMLS # 215938)Loan officer of 15 years and ready to answer all your questions. Please call me at my desk 215-968-0100. Newtown, Pa.

Hey Betty. I'm the purchase manager at my bank and work with buyers like yourself everyday. Qualifying for a mortgage these days has unfortunately become a tedious process, but one which I can guide you through without a problem. One thing that I do that's different then most banks is I'll have an underwriter personally review your scenario so that we can live up to our promises. Imagine getting 'preapproved' for a mortgage and weeks down the road after spending money on appraisal, inspection, etc. you find out you aren't really approved. Feel free to email me at mboyce@annie-mac.com or call directly at 856-291-3122 and I'll be happy to go over everything and give you a quote. I look forward to working with you. Thanks! Matt

Hypothetically you could qualify for a home loan; however, your home loan options will be limited. The old banker's rule of thumb for buying power is 3 times your gross earnings. Your providing a scenario with about 5 times your gross income. There are other variables that will impact your ability to get approved such as other debt obligations, property taxes, HOA dues and homeowner's insurance. Let's not forget that if you contract on a home after April 9th that the cost of FHA Insured Home Loans will also increase and the will reduce your home buying power. Hope that helps and Happy 1st Day of Spring!

Hey Betty... there's a lot of information missing.. we don't' know how much you intend to put down, what your other monthly obligations are, and what negative items might be on your credit report... so it's difficult to just throw out there a yes or no... I can say your credit scores are sufficient for you to purchase a home.. Most lenders want to see 620 to 640 as a minimum and other programs have a 660 minimum score. The best advice I can give you is to contact a local mortgage broker, not a BANK... Brokers have access to numerous lenders and can shop for the best loan for your particular scenario, and they typically have lower rates and fees... WilliamAcres.com

Hello, I look forward to the opportunity to serve you with all your mortgage needs. There is neither a cost nor obligation for the mortgage consultation. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Based purely on the info you provided, yes you could qualify. However, there is a lot of missing data that would be needed to change the "could qualify" to a "do qualify". Data such as how long have you been on your job, how much you have for down payment/closing costs, what other debts you have, what's your credit score, etc. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com