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Credit score is 703, 115K combined income, little debt, ok to buy a home with 30K down on a 290k loan? |
Credit score is 703, 115K combined income, little debt, ok to buy a home with 30K down on a 290k loan? It depends. In short, you can afford this home. However, the bigger question is what else you can do with your money ($30K plus a significant portion of your income). Can you earn a higher return elsewhere than what you expect your home appreciation will be? How long do you plan to live in the home? Unfortunately there is no cookie cutter answer. Lastly, if you do decide you want to purchase, with minimal effort you should be able to increase your credit scor to 720+. Keep in mind that most lenders will take the lower of your FICO scores. I hope this helps. Source(s): Successful investor I suggest you work on your numbers carefully before signing on the dotted lines. And the answer is "Yes". However, I'm not quite sure why you are asking the question. You have no worries being denied for a loan. It seems to me your in a perfect situation. Contact me if you need any help. Jamie Madden jmadden@consumerchoicefunding.... www.consumerchoicefunding.com Owning a home is the ultimate American dream. It is also the best way to build wealth for yourself and for future generations. Having bad credit should not prevent you from owning a piece of the American dream. Great article on this exact topic here, recommended! http://www.mintcreditrepair.com/buying-a... http://www.mintcreditrepair.com/buying-a... |
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