Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 133
Registered: ‎03-29-2009
0

Advice on getting a first home loan

I am currently at 692 on all three of my scores.... I have 2 credit cards and use less than 10% of them each month and pay them off in full every month. I have had one charge-off from 2006 but that was paid off years ago.  In the past I have had some missed payments also, as of right now I have no delinquent accounts and my last late payment was 5 years ago. My fiance really has no credit at all but recently got a credit card and is usling less than 10% utilization and paying off in full monthly.  We are looking at getting a home loan in 13 months.  She has 60k in student loans and I have 10k.... we will have around 32k cash in the bank around the time of applying.  We bring in gross of 6500/month and our only debt are student loans payments of  $1000/month.  Do you think we have much of a chance at getting a mortgage? And if so at what rate do you think.  Is there anything I should be doing to have a better chance of getting approved?

Regular Contributor
Posts: 133
Registered: ‎03-29-2009
0

Re: Advice on getting a first home loan

[ Edited ]

A little more information:

 

My income 40,000

Fiances: 37,500

 

We have both been steeadily employed for multiple years.

 

This will be a single home purchase.

 

We will be putting around 15-20k down.... We will have 32k in the bank specified for the house.... Overall we will have around 45,000 with savings and all.

 

 

Please help me out with some info.

New Member
Posts: 8
Registered: ‎08-05-2012
0

Re: Advice on getting a first home loan

Hi, sounds like you have a good chance especially with your score and dwn pmt. It also deps on the score of your fiance. How long did it take you to get that score? I dont have creditcards just car and std loan
Regular Contributor
Posts: 133
Registered: ‎03-29-2009
0

Re: Advice on getting a first home loan

I ruined my credit a few years back in my college day. Got down to the 500's.... luckily I was able to bring it back up to 692 by being meticulous with my credit.... hopefully it will be in the 700's by the time I apply.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.