- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
Credit score of 734. will i qualify for a mortgage of $60,000?
I plan on buying a house for $108,000 off my stepson. House is 5 yrs old and appraised at $180,000. I have $110.000 in cash, plan on putting down $50,000 and would like to know if I qualify for a mortage of $58,000
Asked by
kkathy
1 year ago
Flag this Question
5 responses
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Mortgage
Credit Card Offers Just For You
These are the most popular credit card offers from Credit Karma members with credit similar to yours.
Credit One Bank® Visa Platinum Card
- Pre-Qualify for a Visa credit card without affecting your credit score
- Get a starting credit line up to $1,500
- No enrollment fee
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
With that down payment and credit score that should be no problem. The last unknown will be your income. You will need to make sure that your monthly salary will be able to cover the monthly mortgage. The rule of thumb is that your mortgage should be no more than 50% of your salary.
hardeight 1 year ago
thats my problem. i am a bartender and a part time poker dealer. i claim about 27,000 a year. i pay $800 now in rent, and when you add in expenses and utilities, it comes out to around $1200 a month. what i qaverage claiming a month is about $2000-$2500. will i have a problem?
kkathy 1 year ago
Hell yes. with out a problem at all....that's a slam dunk.
tommy32 1 year ago
i bartend and deal poker, so i do not claim all of my income. i figure i clain about $2000 a month. still see no problem?
kkathy 1 year ago
Income of $2k/m puts you around $65k max mortgage, from an affordability standpoint, in most online estimators.
The fact that you will have your $60k ish mortgage secured by a home valued at $180k should be a big positive when applying, as you will have about 66% equity in the home.
pmm3437 1 year ago