Mortgage Question?

Mortgage question: I have about $15,000 in credit card debt. My and my wife%26#039;s combined income is about $5000 per month gross. Our CC payments per month is about $200. Only other debt is vehicle loans at about $560 per month.

Thinking about buying a home, FHA. We qualify based on the FHA ratios, but my question is, will a $15000 credit card debt prevent me from getting a loan? credit scores are in the high 600s.

Again, the debt ratios meet the 29% / 41% that FHA requires.

Mortgage Question?

Hello asker,

There is alot of missing information here, but you should be able to qualify based on what you have provided.

Couple things. What state do you reside in? I have access to all the state specific grants, loans, and programs that can help home buyers. How much money do you have to put down on the property? This is just as important if not more important then the debt ratio. Whether alot or little, it makes a huge difference when trying to offer advice.

I would be happy to answer any questions you may have, i just need more information to accurately advise you.

I work with a nationwide Wholesale mortgage lender in chicago. I have helped numerous peple from yahoo answers both refinance and purchase new homes.

Feel free to take a look at my profile, and either call or email me with any additional questions!

Good Luck!

Jason Fry

Licensed Mortgage Consultant

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Mortgage Question?

It won%26#039;t prevent you from obtaining a loan, but it will limit how much you are able to borrow until they are paid off.

Mortgage Question?

You should be able to get a loan but with credit the way it is you may not get as much as you want...........15K in credit card debt.......the intrest must be eating your shorts..........