Rachel asked in Business & FinanceCredit · 1 decade ago

make 40,000 a year, what mortgage can we qualify for??

My husband and I make 40 K a year, wondering what kind of mortgage we could qualify for? Credit between 660-715. First time buyers.

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  • 1 decade ago
    Favorite Answer

    Subprime or Alt-A. Since you're FICO is under 720, you're almost guaranteed to fall into that space. Expect a higher than average interest rate.

    Get that score up higher. If you can break 700 consistently, then you should be able to get a better rate.

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  • Anonymous
    1 decade ago

    Mortgage rates differ a lot and are based on your credit rating and the value of the home. Before approving your loan, your lender will scrutinize your credit history. There are two types of mortgages according to the type of rate: fixed or adjustable. Consult a mortgage broker or contact the lender directly asking for quotes. This lets you decide between both the varieties of mortgages

    http://lower-your-debts.com/category/Mortgage-Rate...

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  • jack k
    Lv 4
    1 decade ago

    rule of thumb WAS 2 years total income would be the amount you would qualify for. 80,000 home minus 20% down, plus closing costs and inspections, and first years homeowners insurance. At 9% interest. If in this tight money market, they even give you a loan.

    Source(s): experience
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  • 1 decade ago

    Depends on debt amounts, and how much you have for a downpayment.

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  • 1 decade ago

    40K total? Or total 80K?

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