Getting Preapproved--Would you lend to me?

[Taylor K.]

Hello everyone,

I want to hear your thoughts on me getting preapproved for a mortgage. I will be talking to a credit union this week to hopefully get preapproved for enough to buy this duplex I am looking at. I want to know if you think the bank will lend to me or a ball park for how much they would approve me for. I know that its going to vary and the only true answer will be to talk to a loan officer and find out, but I wanted to hear your opinions. So heres some info about me.. 

21 years old 

Job as a letter carrier for the postal service for 8 months. Salary of 35-40k

Live at home still

$400 a month student loan payment

No other debt

About a 720 credit score

26k in the bank 

Here are the numbers on the duplex.

Located in B- or C++ area. Little crime, blue collar area

Asking 60k, gonna first offer 50k and see where that goes

Currently rented for 650 a side, owner paying water, sewage, garbage

$815 in yearly taxes

Located about 15 minutes from my house.

What do you think?

[Account Closed]

Taylor, I first of all wish you all the best. In regards to your inquiry, I think it all depends on the bank, to my understanding each bank has there own criteria for who they will loan too. If this credit union does not give you a loan move to the next one, and the next one, so on and so on. 

Side note, I am sure your girlfriend is great but be careful investing with family/close friends/relationships, they can be very positive if everything works out, but they can also have an adverse effect, and this obviously speaks to each investor differently but keep your business life seperate from your personal, unless they are one in the same!

Also for people with more background in the loans than myself, how much do you plan to put down?