For which buyer would a lender most likely approve a $200,000 mortgage?
a person with a credit score of 800 with a large amount of debt who has recently switched to a lower-paying job
a person with a credit score of 760 with a small amount of debt who has had steady employment for many years
a person with a credit score of 650 with a large amount of available credit who has a low-paying, but steady job
a person with a credit score of 600 with a small amount of available credit who has recently switched to a high-paying job
For which buyer would a lender most likely approve a $200,000 mortgage?
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The lender would most likely approve a $200,000 mortgage for:
b) a person with a credit score of 760 with a small amount of debt who has had steady employment for many years.
Explanation: Lenders typically look for borrowers with high credit scores, manageable debt, and stable employment when approving mortgages. A credit score of 760 indicates strong creditworthiness, and having a small amount of debt combined with steady employment demonstrates financial reliability, making this borrower a strong candidate for mortgage approval.