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Question
Will applying for a personal loan of 2000 to help my son out jeopardize our chances when my wife and I apply for a home loan?
That will depend upon your other debts and income. The higher your debt compared to your income, the more risky a lender might feel you are so ideally you'll want to have a low debt amount. In addition, it may affect the amount the lender will allow you to borrow. A $2000 loan is not a huge debt so it may have no impact. The higher your income and lower your debt ratio, the less it will affect you.
If you and your wife are planning on purchasing a home in the near future, I would suggest discussing your plans with a mortgage broker and have them run your credit and look at your report and the debt you have and ask them what affect if any this loan will have on you as far as qualifying for a mortgage loan and then you will have a definitive answer.
I hope this helps - let me know if you have any other questions!
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Lisa Webber
Expertise
I can answer questions pertaining to buyers and sellers of residential property in the state of Maryland. I work with first-time buyers, real estate investors, and move-up buyers. I can help with relocation questions as I help people from all over the country move to Maryland. I also work with military families, helping them move to the Ft. Meade area. I am experienced with foreclosures and short sales and can help you keep your home from being foreclosed on until you can sell it. I can help with finding financing through many local experts.
Experience
I've worked with many buyers and sellers of residential property throughout the state of Maryland as well as investors who buy and sell residential and commercial properties.
Education/Credentials
I primarily have studied real estate, business, and marketing and study each of these subjects on a daily basis as they relate to my work. I read real estate books and subscribe to news services to keep current on real estate subjects and trends.
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