Would it be possible for me to get a $100,000 loan?

[b0mbrman]

My credit rating's in the mid 600's and I've got a mediocre but steady/secure income...what are the chances of me getting it?

 

[LaBang]

Things point to yes.

 

[LaBang]

Outlook not so good.

 

[LaBang]

subscribership is fun!

 

[BrunoPuntzJones]

What is it for? Rental property? maybe. Ferrari? No.

 

[bacillus]

divulging that you're an AT member may help! :Q
seriously though, have you got any collateral that the load could be secured against??

 

[Jokeram]

depends on what the money is more.... how long you have had your job would/might be another factor.

they might boost up your interest rate a bit, but I think you shouldn't have too much of a prob. if it is for a decent cause (house).. if its for a car you smashed up last weekend... i doubt it

 

[Jfur]

they will factor in your gross salary and any recurring bills you have. At today's mortgage rates, assuming you have some down payment and have little or no recurring monthly debt charges, and you make over $40k it is possible.

 

[b0mbrman]

<< What is it for? Rental property? maybe. Ferrari? No. >>


Yeah...I'm thinking about making an offer on the condo I live in.

 

[BrunoPuntzJones]

Condo could be a good deal. Interest rates are super low right now. My pa got a 5.75% on a 1 year note renewed each year and guranteed not to go above 7.75 for 5 years (total loan is 5 years) the other day. Just put down what you'd rent each one for and what your expenses are. They'll probably try to get 20% out of you as a down payment if you try to go 15 year fixed. If you shoot for a lower loan term (like a 5 year balloon) or a higher rate you may be able to get away with 0-10%. 0% down would be outstanding obviously.

Depends on the bank too. You could get it appraised for more than it's worth and you'd be in super shape. That's the best way to avoid a down payment, but you gotta have connections or a really sorry ass realtor who would lie like that. If they want 20% down outta pocket, that would suck, hopefully you could just get them to finance 80% instead. So lets say you buy it for 80k, try to get it appraised for 100k. You get a loan on the 100k, the bank takes the 20k off, leaving you with 80k to complete the sale. You'll obviously have to figure in closing costs and repairs.

You didn't give a ton of info, but my bank looks at the person's history and who they are rather than just numbers. Guess it's nice living in a small town

 

[Muadib]

CNN has The Mortgage Qualifier . Try it!