My wife and I are looking to buy a house in Jan so we're beginning the search. Her FICO is 642 and mine is 613 (took util. down ALOT and hasn't posted yet, so it should be above 620 when it hits the CR). I have some lates, but nothing to terrible like COs or collections. She had 1 30 day late and a short credit, but just added her to one of my TLs as an AU (hasn't hit her CR either).
We plan on using the VA Home Loan. I've used many mortgage calculators and they say we're within a range of 180,000 to 200,000 at 7% interest, but we're really not looking for anything over 150,000. Our combined income is $61.053 with student loans which we don't know how much it will be monthly, so we used the amount of $500. I am going to pay off my car note in Jan and her car is owned outright.The only other debt we have is 1,200 riding an interest free credit card for roughly 2 more years.
Our two questions are:
Would it be possible to be pre approved for a mortgage in the 150,000 area?
With our student loans and income, it $150,000 out of our range?
Thank you so much. This board has been a great help to rebuilding my credit and I am very fortunate I found it.
Starting Score: 690