Ok, first thanks for reading this question.
My wife and I purchased a Condo Last Year in Chicago for 360k, this Condo was under construction and will be ready in July. We already gave 36K deposit for earnest money which will be used as down payment. We plan on putting another 36k at least to make 20% down. We might put more down, maybe even 100k total.
We make combine 70K and have a combined credit score of about 680 -
My question is – do we qualify for a traditional 30 year fixed at a good interest rate? Is it even possible to do a 15 year fixed with our income.
I’m a little worried we will not qualify for a loan because of our low combine income(70K).
The condo has 3 bedrooms so we plan on renting 2 of them out for 1000k a month to help out with the mortgage (do lenders consider rental money and should I even mention it?)
Thanks for any help =)