Do you think this is reasonable? - REO Property Preservation Forum
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post #1 of 4 (permalink) Old 07-29-2016, 02:25 AM Thread Starter
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Do you think this is reasonable?

Hi, all. I'm Stacky.
I donít know whether this is the right place to ask. I'm just 23. I just started my career and itís only being 1 year. Itís my dream to buy my own home. I'm planning to apply for a mortgage. Is it possible for me to get approved for a mortgage? My credit score is around 680. I donít know how to get approved for the mortgage. Since this is my first time. I just enquired in a mortgage company here and these are their rates . Do you think this is reasonable ? What are the things they are considering for approving my mortgage application? Could anyone here share your suggestions?
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post #2 of 4 (permalink) Old 07-29-2016, 06:04 AM
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Welcome Stacky. I'm not a loan officer so I can't answer that one directly but I've made a lot of money in preservation over the years because of them.
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post #3 of 4 (permalink) Old 07-29-2016, 09:11 PM
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I bought my first home at 23 here in California. Those rates are for folks with excellent credit 720 and up. With a 680 you may need to have a co-signer. If that's not an option id wait a bit. Also banks here want to see 2 years verifiable income (pay stubs, bank statements, tax returns). Also if you wait to get ur credit score up you may not need a huge down payment and get it all financed. I sold one of my cars at the time and came up with $12k for down payment and closing costs. Good luck, definitely doable. PM if more questions.
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post #4 of 4 (permalink) Old 07-31-2016, 10:24 PM Thread Starter
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Thank you for your opinions. Definitely, I will consider your points..
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