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09-12-2009, 10:53 AM
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What are my chances of getting approved for a...
...mortgage? I currently am looking for houses in the Land o Lakes area in Florida. I have a 630 credit score, and am interested in taking out a 100k mortgage using the 8,000 tax rebate as my down payment. I make 42,000 a year but that just started recently due to a promotion at work although I have been with the same company for awhile I didn't always make that much.
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09-12-2009, 12:31 PM
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I think you stand a fairly good chance of obtaining your first loan. It doesn't matter that you just recently received a promotion with more pay. That only makes you look better and since you have been with the same company for awhile will only help. You didn't mention how much debt you currently have. Keep in mind, that if your income to debt ratio is high, they will not approve you. Good Luck.
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