What are the chances of me getting a mortgage for this house?

The house is listed at 88K. I have been out of college for 1 1/2 years. My credit score is around 630 and have been employed with the same company for over a year. My gross income from my full time and part time job is 51k a year. The only blemishes on my credit report are some unpaid medical bills from college. I also have a 14k car loan and student loans. My credit card debt is under a 1K. Please help. Im tired of renting and would love to purchase this house and gain some equity and make a profit off of it in two years. Also, if i have a roommate that pays rent does that help me or am i getting into tax problems with that situation?What are the chances of me getting a mortgage for this house?
How do you plan to make a profit on the house in two years? The days of flipping houses are mostly over for now. If you are going to live in the house and rent out a room you could use the extra income to purchase additional properties to rent out. I would try to pay off the medical bills before applying for a loan.What are the chances of me getting a mortgage for this house?
You should be approved for the mortgage with no problem.
You have to much dept and you are not employed long enough to get a loan.However you may try to find a house which is less expensive and give exact numbers to loan officer to figure it out putting about 20 % down or more would help as well.
Mortgage shouldn't be a problem. Roommates that pay rent do not help you qualify.
Why is your credit score so low if your credit report has no blemishes? 630 is not a very good score. You must have some late car payments and your medical bills DO screw up your score also along with school loans. I would pay the loans off first depending on the amount.





As far as your credit card... the debt of the card is not what matters, it's the amount of available credit on it and how much of it you used, you should never exceed 1/2 of what you have available. For instance, if you have a card with 2000.00 available credit, never ever use more than 1000.00 of it.





You could possibly get the mortgage but going on the very brief details you gave it's hard to say, there is alot more to it. I'd say you have about a 40% change of getting it. You also have to take into consideration the closing cost's, you have to have cash for that or ask the sellers to raise the price of the house so they can pay for your closing cost's, title insurance, land survey...etc.





There is a reason your credit score is only 630... thats not very good. I would pull a copyof your credit report and make sure everything is accurate!
630 is very low, but with your income and the fact that the house is not outrageously priced, you should still be able to get a loan. Medical bills do affect your credit score, but the mortgage company will also actually look at more than just the score, and medical bills weigh less on you when they make their decision than does running up a bunch on credit cards and not paying it. The more you put down it it, the better your chances of getting one, too, because the mortgage company is taking less of a risk.





It will be hard to make a profit off of a house in two years, even if it does go up in value. You will have costs associated with selling it. If you use an agent to sell it, you would have to sell it for around $95,000 just to break even. That's a 4% increase in value each year just to break even, and in the US, that's about average. So, to turn a profit in two years, you would need to be in a market that is still very strong.





If you have a roommate paying rent and you are not reporting it, you can get into tax problems. Instead of having them pay rent, have them pay a pre-agreed upon amount of the utilities. Then, you are not in a landlord/tenant situation and will have no problems. You just can't report it anywhere as ';income'; for you.
You should be able to get the loan. The part time job income may not count if you haven't had that job for more than a year as well, but it sounds like you make plenty of money and have few debts.


You don't really need a 20% down payment unless you're trying to get away from mortgage insurance.


It will probably take at least 2 years to break even from the costs of getting the loan.


If you're ok with staying put for at least 5 years or so, i'd say go for it.