We recently accumulated $45,000 in medical debt and we were planning on buying a house. We can afford to pay the bills and a mortgage, but I am worried we won’t be able to get pre-approved for a loan now.
We recently accumulated $45,000 in medical debt and we were planning on buying a house. We can afford to pay the bills and a mortgage, but I am worried we won’t be able to get pre-approved for a loan now.
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First question, what is your credit score? If the answer is less than 620, you will not get a mortgage now or in the near future. If the answer is greater than 700, see question two.
Second question, what is your answer to the following math problem: Your annual income (minus) all your current debts. Multiply that number by 3.
For example, if your income is 100,000 and you have 10,000 in credit card debt, a car loan of $5,000 and your 45,000 in medical debt your number is $120,000.
If your credit score is good, you can generally count on being approved for a mortgage that is equal to your answer question 2 assuming a 10% down payment.
For my example, you would probably be able to buy a $130,000 house and be approved for a $120,000 mortgage.
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