Will I qualify ?

[Anonymous]

looking at home purchase in MO around Feb. 

Currently have:

4k in revolving balance (will pay off 100% within 60 days)

12k in installment (auto and student)

25k down cash down

75k in retirement accounts

115k salary for me, wife is 55k

Equi score of 625 and 635 respectively (me and wife).  Should be 30-40 pts higher by end of year with debts paid off and tiemly payments.

looking at 350k note.

thanks,

Message Edited by texhawk on 07-20-2007 06:52 PM

[Anonymous]

You will probably quilify. But the interest will proably be subprime.

[fused]

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texhawk wrote:

looking at home purchase in MO around Feb. 

Currently have:

4k in revolving balance (will pay off 100% within 60 days)

12k in installment (auto and student)

25k down cash down

75k in retirement accounts

115k salary for me, wife is 55k

Equi score of 625 and 635 respectively (me and wife).  Should be 30-40 pts higher by end of year with debts paid off and tiemly payments.

looking at 350k note.

thanks,

Message Edited by texhawk on 07-20-2007 06:52 PM

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Maybe a mortgage lender will chime in later. You should find out all three of your FICO scores for both of you. I have a few questions. This 4K CC debt what is the CL on the card(s). Do you have any derogs reporting? lates, collections or anything else?

[Anonymous]

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@Anonymous wrote:

You will probably quilify. But the interest will proably be subprime.

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I disagree. With scores in the low 600's, you'll likely be "A minus/B-plus" paper to a lender. Don't let anybody tell you that you're "sub-prime"... you've got what looks like a healthy financial picture and decent income, not too many debts.

Go forth and negotiate a great deal... make those lenders compete for your biz.

[Anonymous]

thanks..  and the **bleep** thing is I am not at all interested in owning a home.  But those who are married will understand my dilemna...

I would think with a gross salary of 170k in Missouri I should be at the top of the list and our income to debt ratio is low.  I cannot change what happened 2 years ago but the last 12 months have been solid and no plans on ever digging another hole.

[Anonymous]

There's only room for one "Tex" in these-here forums!

[Anonymous]

I would never dream of using an upper case T.  all respect MontanaMan.

[fused]

[Anonymous]

I'll forgive you since you are new:

TexMontana is 100% pure-dee WOman!

[VLGaffEsq]

I agree with credithawk...You absolutely can qualify for a mortgage, and get fairly good rates (somewhere between 6.75% to @ 7.50%, depending a the rest of your documentation for your loan).  Just get your FICO scores up as much as possible, at least above 660 or so and you should do quite well.  Do not, I repeat DO NOT give any lender your SS #'s until you and your wife are ready to pull the trigger, make sure that lender has given loan with a good interest rate in writing! (And with your information you presented here, if any lender mentions "subprime" to you, walk away immediately!)