What are my chances of getting a mortgage?
Date: Thu, 09/03/2009 - 05:37
I am going to try and keep this short. I am a current homeowner. Due to various problems (unemployment, health, etc), my husband and I accumulated a lot of credit card debt and then got behind on our payments. We have now settled with many of them, and never were late on our mortgage or car. My credit score is currently 665, but with some recent settlements noted.
Now the work situation is still a mess, but starting to improve a little. But the catch is I am now self-employed and we would really like to sell our home and relocate. We have enough in the house to payoff the first and second mortgage, plus cover closing costs and have enough left for a small downpayment. But could we/ should we even be considering this right now?
I know we would move and rent for a little while and give our credit some time to heal, but I really hate moving and don't want to do it more than I have to. Any thoughts?
Now the work situation is still a mess, but starting to improve a little. But the catch is I am now self-employed and we would really like to sell our home and relocate. We have enough in the house to payoff the first and second mortgage, plus cover closing costs and have enough left for a small downpayment. But could we/ should we even be considering this right now?
I know we would move and rent for a little while and give our credit some time to heal, but I really hate moving and don't want to do it more than I have to. Any thoughts?
Assuming you can afford it i would really stick in the place you
Assuming you can afford it i would really stick in the place you are at for now. As you know from getting your first loan for the house your in now, the banks are going to want to see work history. work history, credit scores, debt to income ratio are big parts when determining if you qualify for a loan.
If you feel that you have no option other than to move, i would go to the bank and see if you can get a pre-approved loan. At that point - you can determine what your best options are.