Can I Qualify?

Kick off your Pre Approval Today! Can I Qualify for a Mortgage? The number one question you are probably asking yourself is "can I qualify for a mortgage". Don't feel alone. This haunts every one of us at some point in our life. This site will try & help you with the basic information you'll need to give us in order to make that determination. The first consideration is your credit history. Do you pay your bills on time? Your credit report will show a 7 year history of what credit you've obtained and how you've paid those bills when they came in. This will let us know whether you are a candidate for an "A" loan, a "B" loan, or a "C" loan. You can still get a loan with zero down payment if you have late payments, but your interest rate will be better the better your credit report is. Call me & I'll run your credit report while we're on the phone and we can get anm idea of how you look. I'll need your full legal name, your date of birth, social security number, and current address. In addition, if you are married, or are purchasing with another person, I'll need the same info on them as well. Don't worry if you have no credit. It's better to have none than to have derogatory. I could go on forever about credit & different situations, so it's best to just pick up the phone & call me at (505) 249-4506. Next, we'll look at your income. Usually you can afford about one third of your monthly gross income for a house payment. So, if you make a combined monthly income of $3,000 per month, then you can roughly afford about $1,000 per month for a house payment. That will buy a pretty nice home in New Mexico, even with ZERO DOWN PAYMENT! Next, we'll look at your monthly debts, other than house payment. Do you have a car payment? Student Loans? Child Support? Visa? Mastercard? Sears? All these items will come into play. Usually we'll take about 42% of your gross monthly income for all debts. So, based on that $3,000 per month that we used earlier, X 42% that would give you a maximum of $1260 per month in total outgo. With a car payment of $360 and no other monthly payments, you could have a maximum house payment of $900. See, $900 + $360 = $1260. $1260 divided by that $3000 equals your maximum debt ratio of 42%. Get it? Next, we'll look at your ability to save money. Do you have a checking account? Savings account? 401k? Even with ZERO DOWN payment, you will typically need from $100 to $2000 to get into a home once you total up your homeowners insurance, tax escrows, closing costs, etc. Those are the basic factors we'll analyze. It' best to call me for a free, 30 minute, no-obligation interview where we'll examine the items we've just discussed & figure out how to help you buy a home with zero down. Call me on my cell phone at 505-249-4506 to schedule 30 minutes at my office. You can also email me @ Wes@ZeroDownABQ.com