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What are my odds of getting approved for a mortgage?

I'm a first time home buyer, who recently found a property to purchase, I was pre-qual for $230,000, I'm purchasing a townhouse for $214,000, with 10% down, so I'm asking for ~$194,000. FICO Scores all around 780

My only debt is my student loans, which I owe roughly $9,000 on, with a monthly payment of $275, which is paid through Nov 2016, meaning I don't *have* to make payments until then. I only have 1 credit card, which gets paid off in full each month, with a high limit on it, but the highest I get on the card in a month is around $300. I've had this card for about 8 years, and have not applied/closed an account in a while. I did have a car loan last year, which I paid off.

After my downpayment I will have ~$25,000 in stocks, and a little more in T-bills, which have PV of ~$7,500. I also am expecting a bonus check, and tax refund (not sure the amounts), in a month. I also have about $4,000 in a 401k. Taxes are $4,700, HOA fees are $226/mon. which is the pre-qual amount basis

Update:

Regarding my job, I have worked for the same company for over 3 years, and it is my first job out of college.

Update 2:

Forgot to list my income, which is $58,700 a year, before OT and bonus.

Update 3:

The pre-qual amount was the amount I was qualified to borrow up too.

4 Answers

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  • 6 years ago

    I don't see that you listed your income, which is the most important factor.\

    But, from what you said and the fact you got pre-q'd for $230, I think you chances are excellent.

  • Anonymous
    6 years ago

    Is that prequal figure for the loan amount? If so, you should be OK. If its a purchase amount, based on what assumed down payment? The only possible "hiccup" I can see might be the HOA fees - kinda high.

  • Anonymous
    6 years ago

    I will pre-qualify you for 2 million.....when you are pre=approved for something we will believe you

  • Tricia
    Lv 7
    6 years ago

    it will depend on your total income currently and how long you have been at your current job.

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