will i be able to get a mortgage

With a score of 529, you will not be able to get a loan. In order to get a FHA loan, you should have a credit score of at least 580. Moreover you should not have any collections or late payments in your account. The lenders will also look after you income history before approving the loan.

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 · Hi, I want to bid on a foreclosed property at auction but am concerned I might not be able to get a mortgage because of rehab needs. I have an estimate of repair costs that runs to 75k, but that is a VERY high estimate used to make an (unsuccessful) short sale offer on the property.

The debt-to-income ratio, or DTI, is a common formula lenders use for mortgage prequalification, and it comes in two varieties: front-end and back-end. Your back-end DTI ratio, which provides the most accurate picture of money owed, is all your monthly debt divided by your gross monthly income.

This will show potential lenders that you are able to repay what you borrow, hence will be able to keep up with your mortgage payments. The process can seem long, but it is definitely worth taking the time to rebuild your credit score, to ensure you get the best possible deal on a mortgage.

The easy way to get preapproved for a mortgage – To get preapproved, let your lender or bank know that you’re on the hunt for a home and need to take out a mortgage. Ask them for preapproval and they’ll guide you through the process. You may be able.

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You can often get the best mortgage rates by paying a higher mortgage down payment. Down payments can range anywhere from 0% to 20% or more of the total cost of the home. Paying mortgage points up front could also help lower your payments and interest. Closing costs. Closing costs typically range from 2% to 5% of the loan amount.

Most future homeowners can afford to mortgage a property even if it costs between 2 and 2.5 times the gross of their income. Under this particular formula, a person that is earning $200,000 each year can afford a mortgage up to $500,000. In the end, when making the decision to acquire a property, the borrower needs to consider various factors.