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What loan to get with salary of $120k?

There’s a property in our neighborhood that an elderly couple offered to me at a very low price. They are moving to another state to be closer to their grandkids. The home was appraised at $150,000 and they are selling it to me at $70k. I have a credit score of 802 but I don’t think my income is enough to get approved for a loan. The owners want to close a deal before the year ends and if I don’t get approved for a loan they will sell to another buyer who offered to pay 20% more than the price I got. What type of a loan can I get with an annual salary of $120k? by mbswan988 from Jacksonville, Florida. Nov 11th 2021 Reply


Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

If you want to win the deal and close by year end, I recommend you get in touch with a lender ASAP. You have a good credit score and income.

Nov 12th 2021
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Dan Paladin (dpaladin)
#1 ranked lender in California - 743 contributions

More info is needed to make that determination. As mentioned speak to your local lender asap to get the process started. Good luck!

Nov 12th 2021
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