Could I qualify to buy a house?

Question

I have some older charged off debts on my credit report from when I was younger. I just got approved for a used SUV from a bank. I was wondering if I got approved for my SUV if I might could get approved for a house. I wouldn't try to buy an expensive one just one that's about 150,000 or less if that's possible.

Answer 1

If you could edit the question and list outstanding debt and list your approximate salary I am sure that the board will give you a good answer.

Without that information it will be tough.

I would hope, however, that you have at least 10% to put down on the house.  Credit markets are tight right now and banks are getting out the microscopes when it comes to home loans.

good luck!

Answer 2

credit capaicity to pay and the home is the colateral. With out more info it is impossible to say.See a local mortgage professional in your area.

I am a mortgage banker in TN & KY

Answer 3

Since you're just taken out a vehicle loan, this has increased your debt to income ratio. It would have been better if you got an approval on a home BEFORE taking a car loan.

In any event if you have good credit and income to match it won't matter much. See a broker as they have more banks to shop from for more competitive interest rates.

Answer 4

It would depend on your annual income and Personal debt including monthly bills

Answer 5

yes

Answer 6

Evaluate your income and cash available for down payment.  That matters too.