Another will we get approval question

[Anonymous]

Hello, 

After many years of renting and some financial dings, my husband and I are ready to buy.  I don't want to apply for a mortgage just to be turned down, so I thought I would get the forums' opinion on our chances of approval.  

Mortgage Credit Scores:  

Mid number for me: 630

Mid number for husband: 720

Negatives

• Type: Tax Lien (paid/released/vacated 2/2010); Credit card judgment (mine, paid 2/2010)
• DOFD: 10/14
• Most Recent Late: 11/14 (due to pregnancy forgetfulness LOL)

Gross Income.  85,000

Source of income.  W2/full time salary

Monthly debt payments. 

$348 – consolidation loan

$50 – installment

$250 – Student Loan

$58 – Student Loan

$150 – Credit Cards

 $660 -- childcare costs (if it matters)

Employment

Type of employment: Salary, full time teachers

How long have you been on the job: 9 years (me), 4 years (husband)

How longhave you been in the industry/career field.  12 years (me), 4 years (husband)

Assets/Reserves. 

Savings, $5000

Checking

401k: $20,000

Gift  :$6000 (possible gift, not yet determined)

Location:This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items

Tennessee

Property Description:   Single family home

Property Value $200,000-250,000

Husband is a veteran so we are eligible for VA Loan and are first time home buyers

Thanks!

[Anonymous]

You should be fine. No lates in the last 12 months and its a VA loan and with that purchase price your DTI should be ok

[ghostVetFL]

Yea you should be fine for a VA home loan. We have more dings then you and we are set to close on our VA loan in two weeks. Our last late payment was 10/14. So you should be just fine.

[Anonymous]

Thank you!  We'll be paying down some more of our debt so the DTI will be lower by the time we apply.  I can't believe that we are *this* close to buyng a house!