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Do I Qualify?

Mortgage Library: Ask a Mortgage Related Question: Answers: Do I Qualify?

Question:

I graduated from college about 1 year ago and have been steadily employed for about a year now. I have been considering looking into purchasing a condo and I am not sure if I will qualify for a mortgage. I have payed off all student loans and have very minimum credit card payments each month. My annual salary is a little over 38,000 and have about 6,000 saved for a down payment so far. My question is how likely is it that I would be approved for a mortgage or am I just wasting my time?

L.
Burlington
Massachusetts

Answer:

L., congratulations on graduating and welcome to the real world!

Based on the information you gave below -- yes, you could qualify for a mortgage to buy a condo. You would still have to qualify based on other factors such as debt ratio, credit, assets, etc. But your work history is sufficient. Most lenders will count your school as a previous job -- especially if you are working in a capacity related to your field of study.

Feel free to call or email if I can be of further assistance.

Rick Lanicek
Mercantile Mortgage Corp
17950 Preston Rd Ste 50
Dallas, TX 75252-5657
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260


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