Looking for advice. My current credit score is 642. My gross annual income in 260k. My debt is about 330k. Would I be able to get any loan for a house with these numbers?
You should look into getting a physician loan. Your student loans won’t matter with it. What I did for my first home as an attending.
I’ve been a mortgage originator for 20 years. You can easily get a loan.
Jody said:
I’ve been a mortgage originator for 20 years. You can easily get a loan.
Thanks for the hope
What’s the payment on $330000.00 debt . Are these student loans? Or do you own property ?
Arin said:
What’s the payment on $330000.00 debt . Are these student loans? Or do you own property ?
Currently 165 a month😂 based on my old salary. They are actually in deferment now so will know next year
@Pippin
If it shows payment on credit report we use payment if not 5% of total balance owed is used
Possibly. Depends on your monthly payments, honestly. Need more info.
Is your 330k debt student loans in deferment or forbearance?
Roan said:
Possibly. Depends on your monthly payments, honestly. Need more info.
Is your 330k debt student loans in deferment or forbearance?
All student loans currently in deferment but my payments were very low prior
@Pippin
Do they make up the bulk of that 330k? What other consumer debt do you have outside of the student loans? Credit cards, auto loans, personal loans, lines of credit. Etc.
Roan said:
@Pippin
Do they make up the bulk of that 330k? What other consumer debt do you have outside of the student loans? Credit cards, auto loans, personal loans, lines of credit. Etc.
12k left for my car and that’s it
@Pippin
So with a down payment and some money in the bank for reserves. You may get a conventional approval. The 642 credit score is the variable here.
With 3.5% down and some reserves. You qualify for FHA every day of the week.
Barring any bankruptcies, late payments, short sales or foreclosures. Also assuming you are w2 employee.
Ask for a physicians loan, they’re a bit easier…
Ultimately though you’re asking us to diagnose a medical issue by telling us your temp, weight, and height only…
When it comes to loans the keys are middle FICO, how recent are late payments, are there collections… Then income, liquid assets (cash doesn’t count, crypto might if you can source it), debt payments, school loan balances if deferred, etc …
It sounds probable though, so I’d just pick a house you like, call the agent who listed it, and ask them for a couple loan officer recommendations. Call them and get pre-approved…
Also call HR or the relocation specialist for your practice, they should have referrals to a bank with physician loans…
@Oak
Thanks for your answer. It was very helpful
Unless your income is very high, high enough to make that $330K in debt look small, then no, you’re not getting a mortgage. Your $260K income coupled with a very low score is not a good sign. My guess is that you have a history of not paying your bills.
If you’re banking on having this debt forgiven if you stay at your job for 10 years, that’s great but you’ll have to live with it as debt until then.
@Hale
I could just get a physician loan if I raise my score. I was a broke student in college. This is my first year making that income. The judgment is so unneeded
Certainly wish you luck. I sitting at a 730 credit score, 5k debt, 150k salary, and my bank just denied my request for 500k. Unfortunately, I am raising 2 special needs children on that, so houses in Northern Virginia that’s aren’t repainted shacks are around that price range here.
@Iman
Really? That’s crazy, my daughter just got approved with a 721 but for a 300k with 20% down.
How in the world are you 330k in debt? Thats a full on mortgage for a lot of people. You’ll need to get rid of the majority of that debt if not all and raise your credit score to get a decent rate.
Blakeley said:
How in the world are you 330k in debt? Thats a full on mortgage for a lot of people. You’ll need to get rid of the majority of that debt if not all and raise your credit score to get a decent rate.
Lmao that’s the cost of medical school when you take out full loans.