Posted 01-01-2005 at 22:12:12
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You have 40% for a downpayment - a good thing.
You are 18 - a bad thing.
You are employed - a good thing.
You say your job is well-paying - a bank will decide that. Not to offend but it is true.
Some unanswered questions the bank/lender will figure out:
- How long have you been employed?
- What has been your earnings history?
- Are you married/divorced/single?
- THE BIGGIE....
What is your credit history?
- Do you have established credit? You'll need it. Although 40% down is a darn good start.
All mortgage lending is determined by your credit score. You can have a score of 600 and get a loan for $60K with a 9.5% interest payment. This is not good unless you can refinance in the next few years as your score increases.
You can have a score of 700 and get a $60K loan for 7.0% interest. Not bad for your age.
You can have a score of 750 or above and get a $60K loan with a 5.75% interest payment. Now that is good.