Can I qualify for a loan? What do I need to do?
I want to become a homeowner badly but I don't know if I qualify. Do I need a co-signer? My only debt is an auto loan and a credit card. I pay $450 a month on my car loan. I make $20 an hour but the job is stable. If this is not enough, what should I do to get a higher chance of getting a loan? by xavier184 from Long Island City, New York. Apr 19th 2023
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
thanks - begin the free pre approval process to find out your options ...this will help you figure out what you can do on your own and if you need a co borrower - good luck Dave SKow Movement Mortgage 206 714 9745 dave.skow@movement.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
No one can answer these questions without reviewing a full application. So don't be afraid to reach out to a local mortgage broker. But, a basic rule of thumb is that most people can afford a loan amount of about 4 x their yearly income. So for you, full time 40-hours a week at $20 per hour is $41,600 a year. Times that by 4, and you should be in the $166,000 loan amount area. Again, this is loan amount, not purchase price. If that doesn't put you where you want to be, the mortgage world does allow for a non-occupying applicant (co-signor). I lend for homes in MN, FL, WI, IA, ND, and SD. Find me at SaintPaulMortgageBroker.com | Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
