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mortgage question
when you buy a home do you h ave to have 0 balance on all accts...car payments ect..........
Message edited 1/29/2007 5:24:13 PM.
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Posted 1/29/07 5:23 PM  |
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Prudential Douglas Elliman Real Estate
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: mortgage question
no not at all.
we didnt have a zero balance on everything.
we owe money on our car.
and our student loans.
u will be fine
as long as ur credit is good.
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| Posted 1/29/07 5:33 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: mortgage question
Posted by secretbabymaker
when you buy a home do you h ave to have 0 balance on all accts...car payments ect..........
There are a couple of things taken into account. Primarily it's your credit scores and debt to income ratio where they take your gross monthly income and take a percentage of that and if your total monthly debt exceeds a certain percentage then most likely you wouldn't qualify.
I think the absolute maximum is no more than 45% of your gross monthly income should go to "loans" (car payments, student loans, mortgage, taxes, HO, and any CC debt)
Message edited 1/29/2007 7:22:21 PM.
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| Posted 1/29/07 7:21 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: mortgage question
we didn't.
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| Posted 1/29/07 9:05 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: mortgage question
we're not
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| Posted 1/29/07 9:17 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: mortgage question
i definitely didnt!
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| Posted 1/29/07 9:43 PM |
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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Re: mortgage question
We didn't. Although we did try to eliminate as much debt as possible before we started looking seriously for a home.
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| Posted 1/29/07 10:47 PM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: mortgage question
We didn't
We have 2 car loans out
A student loan for DH's MBA
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| Posted 1/30/07 7:21 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: mortgage question
Nope...
We wanted to, but if we waited it would have been another couple of years until we could buy.
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| Posted 1/30/07 9:15 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: mortgage question
we didn't either
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| Posted 1/30/07 9:37 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: mortgage question
We had a far from 0 balance on anything. As long as everything is being paid on time your lender will work with you.
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| Posted 1/30/07 12:06 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: mortgage question
I heard for an ideal credit score your CC utilization should be under 10%. i.e. if you have a card with a $10,000 credit limit your balance should never exceed $1000. Plenty of people buy with CC debt, car payments, etc. As long as you dont look overextended and have a good credit score and income to support the mortgage you should be good to go.
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| Posted 1/30/07 1:07 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: mortgage question
They will figure out your DTI. Debt to income ratio. Each bank has limits on what DTI they will accept. You should talk to a broker they will tell you waht you need to do.
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| Posted 1/30/07 1:28 PM |
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Re: mortgage question
ok our credit score is like 780 and we only have one credit card and we pay it off every month, but we do have i car payment and 2 student loans
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| Posted 1/30/07 1:30 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: mortgage question
That's an excellent credit score. You should have no problems being approved. If DTI is a problem, you can also do a no-doc loan...interest is a little higher though. Good Luck!
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| Posted 1/30/07 1:43 PM |
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