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ShoMeSomeFun

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Debt to income ratio plays a big part and it should because the bank basically puts a budget together for you. Any outstanding debt.. say student loans, car loans, unpaid CCs, blah blah. The ratio of future debt obligations to how much $ you make will determine how much the bank will lend you based on 'what you can afford' for a mortgage payment.
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im too lazy to read most responses...

 

i applied for my home loan in jan of this year. i think my middle score was 684 or so...not even 700.

 

i was still able to get prime for that day (5.000%) and locked it in for 60 days.

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im too lazy to read most responses...

 

i applied for my home loan in jan of this year. i think my middle score was 684 or so...not even 700.

 

i was still able to get prime for that day (5.000%) and locked it in for 60 days.

 

It all depends on who you get your mortgage through. Everyone has their own minimum credit to qualify for a loan. Who'd you go through? I know nationalcity has a 680 minimum for personal loan...not sure what their mortgage is.

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Any outstanding debt.. say student loans, car loans, unpaid CCs, blah blah. The ratio of future debt obligations to how much $ you make will determine how much the bank will lend you based on 'what you can afford' for a mortgage payment.

 

That's exactly why I'm working to be debt free, then save up for a down payment, then buy a house. My only debt is a 'small' amount of student loans, but I still want to be debt free before going into a bunch more debt buying a house. My student loan payments are only $110 a month, but that's $110 more cushion in my budget when I buy a house if shit goes sideways (losing a job). $110 seems like nothing, but to put it in perspective, thats' $1320/year, or far more (actually probably double) than 1 of my house payments would be in the price range I will buy my first house in.

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It all depends on who you get your mortgage through. Everyone has their own minimum credit to qualify for a loan. Who'd you go through? I know nationalcity has a 680 minimum for personal loan...not sure what their mortgage is.

 

it was through 5/3

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