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Will I get approved for my mortgage?

I'm a first time home buyer, who recently found a property to purchase, and I am pre-approved for a mortgage, but am still nervous about actually getting 100% approved.

I was pre-approved for about $230,000, I'm purchasing a townhouse for $214,000, with 10% down, so I'm asking for ~$194,000.

I don't remember my exact Fico scores, but I the middle score is 780.

My only debt is my student loans, which I owe roughly $9,000 on, with a monthly payment of $275, but that is paid-up through December 2016, meaning I don't *have* to make payments until then, since I am far enough ahead. I only have one 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 or closed an account in several years. I did have a car loan last year, which I paid off in full.

Yearly income is ~$60,400 right now, before any overtime or bonus.

After my down payment I will have ~$25,000 in stocks, and about $5,000 - $10,000 in cash, in the bank.. I also have about $4,000 in a 401k.

Taxes are $4,700, HOA fees are $226 a month, which is a little less than what the pre-approval amount is based on.

If I'm missing anything, let me know.

3 Answers

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  • LILL
    Lv 7
    6 years ago

    The only problems I see is that your income does not support a $194k mortgage and your saving may not be enough for your closing costs. Most lenders will want to see at least 6 months of mortgage payment in your savings account after closing costs are factored in. Closing costs on a 194k home will run you around $6000.00.

  • Jack
    Lv 6
    6 years ago

    If you were pre-approved by a reputable mortgage agent, and you gave them all this information - - then sleep well: Your mortgage will be approved.

  • ?
    Lv 7
    6 years ago

    you're really pushing it with a mortgage that is more than 3 times your annual income - that's going to be expensive paying 12 months ahead on student loans is a waste - you still paid them interest for those 12 months

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