What are my chances of getting a mortgage?

My freecreditreport.com score was 777 with experion. and i have about $80,000 saved in the bank. I want to buy a duplex and rent the other side out to pay my mortgage. Im looking in the $180,000 range. However, with my job i only make about $1500 month. Will this prevent me from getting approved?What are my chances of getting a mortgage?
i would say small chance, sorry. the bank will look at whether or not you can pay the mortgage if the other side is not rented.What are my chances of getting a mortgage?
Sorry no. Basically rent or mortgage should not be over 35%. They look at debt ratio as well.





You would need a payment of around $525 which would need to include taxes and insurance. With no debt and the above scenario payment and interest alone would be around $755 to $859 per month.





You would only qualify for a loan amount somewhere maybe in the $60,000 range. Would again have to look at taxes for your area, insurance, debts, etc... before getting more specific.





Try to boost your income. Then try again in about 9 months or get a co-signer.
Depends how much you put down on the home...essentially home much is financed, what your other monthly liabilities are.





Check out this page:





http://www.thetruthaboutmortgage.com/dti鈥?/a>





It has a calculator that will help you figure it out. You'll need to put in an estimated interested rate.
At 1500 a month you would only qualify for a 45,000 mortgage so you will need to come up with another 55,000 dollars for a total down payment of 140,000. Plus you will need money for closing costs, appraisal, inspection, earnest money etc...
1500 a month income....no chance.....