Can I qualify for mortgage now or wait?

[LB2484]

This forum is amazing!

I have learned a lot about credit in the last few months from reading posts from this site.

My question is should I attempt a mortgage approval or wait?

scores are

EQ My Fico 649, TU My Fico 653 and Experian Non Fico is 668

I have 10% down now with another 10% stock shares that I can sell in 2/2015

looking to build on our land and need a 350k mortgage. When house is done I would have 20% down

Not going to do a construction loan. Will be using a builder that provides funding to build upfront 

Current bills are car payment 589/mo never late in 2 plus years

personal loan 345/mo never late

car payment (2nd car) 345/mo never late in 4 plus years

3 cc Jc Penney 600 limit with zero balance, BOA with 700 limit and zero balance, Cap One with 1,250 limit and 44.00 balance

income is 83k annual

Welcome advice.

[Hopingforamortgage]

So are you seeking a loan for $350k or $350k less than the 20%, which would be $280k?

[LB2484]

I am looking for a mortgage loan in amount of 280k

[ShanetheMortgageMan]

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@LB2484 wrote:

scores are

EQ My Fico 649, TU My Fico 653 and Experian Non Fico is 668

looking to build on our land and need a 350k mortgage. When house is done I would have 20% down

Current bills are car payment 589/mo never late in 2 plus years

personal loan 345/mo never late

car payment (2nd car) 345/mo never late in 4 plus years

3 cc Jc Penney 600 limit with zero balance, BOA with 700 limit and zero balance, Cap One with 1,250 limit and 44.00 balance

income is 83k annual

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Your debt to income ratio will be a bit on the high side.  It's going to come down to how much your homeowners insurance is and how much the lender will be using for the property taxes (an estimate based on the home being completed will be needed).  If you are able to pay off either of the 2 car loans or the personal loan you'll be in a much better position.  A lot will depend on what delinquencies you've had on your credit that are bringing your scores down to the mid 600's as well.

[LB2484]

Thanks for the advice Shane. 

I can pay off the 2nd car loan i only owe 3800.00 dollars on that note.

will paying this off help or hurt my credit scores?

right now I am at Fico EX 714, Fico TU 671, Fico EQ 656

im trying to get at least 10 points on my scores before I start my mortgage application.

[ShanetheMortgageMan]

From past experience I've seen paying off an installment debt give a small increase or a small decrease depending on the credit report.  Might be a better question to ask the crews at General Credit Topics or Understanding FICO® Scoring.