? for realtors.i nspired by Beauty

[jan/cape]

What is the poorest you can be and still get approved for a mortgage?
I am recently divorced and own the small home (like a cottage)on about 1/4 acre of land with my ex husband.I live in the house with my 2 children... he does not live here
The house is in an affluent town, though we are far, far from affluent. And there have recently been about 6 HUGE, BEAUTIFUL houses built down the street.
I am a special education assistant in an elementary school, so needless to say pretty darn poor!!
My realtor friend says let's just see what you can qualify for, but there is no way I want her to know how pathetic my pay is in school
and I honestly do not think I would qualify for anything.

Can anyone offer any insight to this?

 

[Gillian]

Well, it depends on a lot of things, but it can't hurt to find out
If you want to keep things private, ask your realtor friend to reccommend a mortgage rep (or 2) and ask that person to keep your info confidential. I'm sure he/she will!

Best of luck to you

 

[CamColt]

There are places on line where you can enter your info and find out how much of a mortgage you can afford. Sorry I dont know the names of any sites, but I know DH did a lot of playing around with this when we were trying to buy our house.

 

[kidzmom3]

lending tree.com is one of those sights

Aol also has a sight where you enter your gross pay and it will calculate out how much of a loan you can afford.

 

[KerryD]

Sounds like you need to talk to a Realtor and a lender. If you will be needing the proceeds from the sale of your existing property to facilitate buying another property, you might want to have a Realtor tell you what your net proceeds from the sale would be.

The online calculators are pretty handy as far as getting a guess goes. Ultimately there are tons of loan programs out there and remember, nobody can make a dime off of you if they can't make something happen. If you don't know a good Realtor, ask some friends.

Good luck!

 

[Rexfan]

Also, don't enter your info anywhere that they wil pull your credit until you are ready to apply. If you're ready I think they count it all as one inquiry, but if you're just looking into things, I wouldn't risk bringing that score down just for research. Good luck, and I think you may be surprised at how quickly you qualify.

 

[jan/cape]

AHH so there could be a smidge of hope.