Can we get a mortgage?

Brando: Seems that you have all of the elements necessary to purchase a home. We would need to talk about the realistic salary that your fiance will earn and also determine whether it's better for you both to purchase together or perhaps just her. I am an Illinois licensed lender in your area. Please feel free to contact me to discuss the best way to approach this. 1st Advantage Mortgage: barb.lanis@1amllc.com

Dear Brando...You sound like my kind of borrower! Very detailed and knowledgable! Based on what you've shared, I don't see problems. You would be a perfect FHA 1st Time Buyer. The only thing to consider is when buying a condo, realize when you go to sell you'll be in competition with everyone...thus, what you benefit when you buy you lose when you sell. Additionally, make certain you buy in a development to which you can rent your unit so when you move up you can retain the property. I invite you to call me! I'm based in Naperville with The Federal Savings Bank. We are a federally chartered bank licensed in all 50 states (thus, we have market presence) and offer all conforming, non-conforming and government programs including FHA, VA, and special initiatives like HARP. Greg Gruenwald, NMLS 755845 - 888-GREG-1ST (888-473-4178). www.888GREG1ST.com

Here is a crude way you can tell if you qualify. Take ALL the minimum monthly payments for ALL the liabilites that will appear on your credit report, including any student loans that may lose their deferal status over the next three years. then add the propsed new mortgge payment (pricipal, interest, taxes and insurance) to thos total liabilite from your credit report. take this total and divide it by your total gross income. The result of that calculation must be no more that 43%-45%.

I think that you should get with a Mortgage Professional and detemine what would be the loan amount that you could afford and feel comfortable with and also after getting preapprove, get with a realtor to help you find the right type of property and right location for you.

It sounds as though you will be able to, but until we know more we couldn't give you definite. From the sounds of it you would have to qualify on her income and credit only as she would be the only one working full time. You would have to wait until she is employed, and since she won't have a two year work history you will need her degree and transcripts to prove she was in school prior to getting employed. If we can be of any help please feel free to call us as you can never start to early in your preparation for buying a home. 201-962-3555 Ask for Benny or Michelle or email us at Team@BestMortgageOption.com You can also check us out at WWW.BestMortgageOption.com

Sit down with a local non-bank lender to discuss your options. Sounds like you should be fine, but everyone is just guessing until we see a full application, and review credit. Good Luck. www.StPaul-Mortgage.com

Get with a local lender, As you have noticed from the responses that questions lead to more questions which will lead to more. Sitting down with someone will get you the answeryoiu need but from what you have mentioned you should be fine.

Please contact someone local that can answer ALL your questions and put the puzzle together, perhaps someone from our panel of brokers that lends in IL..Good Luck