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01-17-2009, 11:10 AM
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What can I do to be approved for a mortgage?
My husband and I got married recently we are both in our early 20's. I have a decent credit score of about 690 as for my husband it's a different story as he has a lot of debt. We live in Sacramento and realized that housing is at a very decent price. We pay about 800 a month for rent and if we get approved for a loan will pay maybe a little more on a house payment, but at least it's going to something. I am pretty sure I won't get approved although I have not yet applied, we don't have any money for a down payment and are just getting by trying to both find secure jobs. What can we do that in the near future we might be able to afford a small house?
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01-17-2009, 01:50 PM
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I highly, highly recommend that you just wait. There is no reason whatsoever to bog yourself down with a house when you simply are not ready for it. Start saving for a decent downpayment and work on building your husband's credit back up. Otherwise you'll wind up another statistic. It is people buying houses that they were not ready for that collapsed the economy in the first place with their defaulted loans. Wait. Build credit. Save money for a downpayment. Aim for about 1/10 of the price of the kind of house you want to buy. When you have that, THEN buy a house! That's the smart way to do it. It will take time and patience, but it will be worth the wait.Good luck!
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01-21-2009, 01:37 AM
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Re: What can I do to be approved for a mortgage?
Hi Elissa, Just save up some money show you can show assets. Usually the bank likes to see that. Also, there are a lot of banks out there that offer assistance. One thing I recommend is checking out this site To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. because they do this report that will qualify you with up to 40 different banks or something. Its cheap i think its like less than $40 bucks and you pay a monthly fee of like 30 dollars to make sure you get the best loan! hope that helps!
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