Home loan questions and credit questions

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Hi all. My husband and I are ready to commit to buying a house. We have a few in mind right now. All are between $49,900 and $52,000. We currently have great credit and recently paid off a car loan and all credit cards with never having a late payment. I think hubbys credit is 720 or 740 depending on which agency you look. We have $30,000 in assents between mutual funds and CDs and $10,000 "20%" for a down payment. No, we do not want to use all of our money on buying the house.

My MIL thinks we will be denied for a loan due to the current economic issues. I am not very good about navigating my way through all this banking and loan stuff. I plan to meet with the lady that did my car loan and see what she says. Just reaching out to anyone that could give me some advice? I do not plan on asking the bank for a loan on Monday. Is there a way they can look at our credit without hurting our credit?

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Hi all. My husband and I are ready to commit to buying a house. We have a few in mind right now. All are between $49,900 and $52,000. We currently have great credit and recently paid off a car loan and all credit cards with never having a late payment. I think hubbys credit is 720 or 740 depending on which agency you look. We have $30,000 in assents between mutual funds and CDs and $10,000 "20%" for a down payment. No, we do not want to use all of our money on buying the house.

What is your household income? I don't see any reason why you wouldn't get approved for such a low debt amount (most mortgages are 100k+) with your financial situation.

My MIL thinks we will be denied for a loan due to the current economic issues.

Is she in the financial industry? Because I totally disagree with her. In fact, I see NO reason whatsoever that you wouldn't get approved. $30k in the bank, 20% down, $40k total loan, no other debts, 700+ credit score? What bank in their right mind would ever turn that down??

I think your MIL has been watching too much CNN.

Is there a way they can look at our credit without hurting our credit?

The Federal Trade Commission's Information on Free Annual Credit Reports

And before you speak with the car loan lady, first check out the rates on mortgages in your area

http://www.bankrate.com/

Do a search for purchases, $40k in your area, and adjust for 720-739 credit rating. I found rates on 30-year fixed in Dallas and LA around 3.95%-4.5% using your info. So you likely should be looking for around 4%.