Howdy, Can I get a mortgage for a condo? I live in Boston. Here are my stats: Gross income is: $ 64,000.00 (6.0 per cent raise negotiated for next three years--each year with a large raise on 6/30/02 from $ 55K -- what I am making now-- to 64K -- what I will be making after 6/30/02). Auto loans: None (I may need to get a new car, though). Two credit cards. One with $ 9,500 credit line; nothing is on it. One for $ 3,200--I have $ 2400 on it for a trip I just booked--It will be paid off next month. No late payments ever. Student loans: Three; total combined payments are $ 145.00 per month. I fell behind 2.5 years ago after I got out of graduate school. There are three loans and each shows a negative on 12/99. It is for 3 months. I requested a forbearance and it was granted (2.25 years ago-- I started repaying the loans 1.75 years ago). The combined loans are about $ 11,500. They have been paid on time since. Tax lean from about eight or nine years ago for $ 550.00 and was paid eight or nine years ago. It shows that it was paid. Credit requests (stupid on my part). Three in last year, none in the last eight months. There are nine over two years; one from my graduate school (possibly because of the student loan). There are no other negatives. I have lived in the same place for six years. I have worked for the same employer for just under three years (part time for six months during graduate school, full time after). I have just negotiated a new three year contract which will start following my current two year contract which ends on 6/30/2002. The new contract expires 6/30/2005. Investments: IRA: $ 12,000.00 approximately Stock investments: $ 10,000.00 approximately Money in checking account: $ 1,500.00 What kind of credit risk am I? Thanks, (sorry for long post)
I would suggest you are an excellent credit risk. The question now becomes how much of a mortage does your income qualify you for and how much will you need to buy a condo in Boston. Visit several banks with those numbers and see what they tell say you can expect. Good luck!
Did you get your scores from any of the 3? I've heard lot's of different ranges for "A" paper on a mortgage. The first thing they'll look at is your tri-merge score. If your in the upper 600's you shouldn't have a problem finding someone to give you the cash. I'm far from an expert on this, just my 1 cent
I dont think you would have a problem. You may want to dispute that tax lien. One that old and paid may be deleted easily.
One other thought. Try the motley fool site. They have a very active home buying board with some very knowledgeable mortgage brokers participating that answer a lot of questions.
Actually didnt the laws change. A tax lien can stay 7 days after it is paid not placed. Is she sure about the paid date. And if it is due to come off disputing should be easy.
