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Buying a house 1-2 years from now

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Anonymous
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Buying a house 1-2 years from now

Hello folks, I have few questions regarding buying a house. I am planning on buying a house 18-24 months from now. I'm 22 years old, recently got approved for a car loan 18000$ I'm planning paying it off 2 years from now, right before I purchase the house basically. Have two jobs one full other part-time, my Fico is 760 right now and have 6 cc total limit of 19k. was never late on payments and I have about 50k in savings, planning to have 25k more in 2 years. With a 20% down payment for a let's say 200k house do I have good chances to get approved with my bank which is bank of america with a good apr two years from now?
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Anonymous
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Re: Buying a house 1-2 years from now

Oh forgot to mention income about 55k yearly planning to get the house on my own no co-signers
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Revelate
Moderator Emeritus

Re: Buying a house 1-2 years from now

Should be just fine, if you want to go for additional FICO style points as you're paying that car note ahead, see what it does to your payment date... if it pushes it out into the future by a non-trivial amount (not all lenders will do this but most will if you're overpaying on regular payments), pay it nearly down to $0 but not off ($20 balance or whatever is fine), and then let it sit at that level for as long as possible unless the LO tells you to pay it off for DTI reasons which will be unlikely.

 

Optimization for EX FICO 2, handy to have an almost paid off installment line on your report... and highly useful for FICO 8/9 too.

 

Beyond that just sit on your hands credit wise, or if you need to do anything else do it like right now, and other than optimizing your revolving utilization before you make the mortgage application you should be golden.

 

BOFA like most big banks I've read about is hit or miss currently in terms of mortgages, but that can change in 2 years so I'd simply suggest not being tied to an individual lender right now and look closer to when you're ready to pull the trigger.

 




        
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