text: should i be worried!  please help - about to purchase condo? 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 =) first of all what you need to do is go get yourself pre-approved for a mortgage!!!  that should have been the very first step before you even started looking at condos. i'm surprised any lenders would accept such a deposit without approving you completely for the loan!  next, 680 is fairly average for a credit score (not great, but definitely not bad). they will mainly take that score into consideration for your interest rate (which could really only fluctuate about .3 percent). income level is good, but considering the cost of the condo, combined with other expenses (car payments, insurance, taxes, credit cards, any other loans or pre-existing monthly bills), i could say with confidence that 15 year mortgage is not the way to go.   they won't take the rent for the other bedrooms into consideration, unless you have a lease signed by tenants, and the income is guaranteed to come in. otherwise, who knows if you'll really find someone to rent those out or how long it will take to find someone.   talk to your real estate agent (and please tell me you have one with such an expensive condo). figure out your finances and good luck! :)