First thanks to all the great contributors and mortgage pros on here. A wealth of knowledge. Has really helped me build up my credit.
So relevent numbers
Mortgage Scores
EQ 683 TU 673 EX 724
Only negative is 1 30 day late from june 2014 on the cap one card that happened when we moved from denver to pennsylvania. Still trying to get it knocked off with goodwill etc. Other than that clean car loan history with two other loans payed off and closed, student loans all on time, no other bad marks on report. AAoA is only 4.9 years and i think that high UTIL on major card is holding my scores down. Will try and pay down to under 10% before we apply officially.
Income
130,000 gross W-2 at current job for 2 years industry for 4.5 years. My wife no longer works as we decided it was more important for her to stay home with the kids and im lucky enough to have a great job where she doesn't really need to work.
Debt and balances
My Student loans
300 month payment/60k balance
Wifes Student loans
338/ Month/20K balance
Auto Loans
375 Month/11,220 balance
Wifes car
388 month/6,100 balance
3 revolving cards
Capone Venture
11K/35K min payment 225 month
AMEX BCP
0/10,000
Capone Quicksilver
0/3,000
SO that rounds out our debt. Since my wife has no income and her credit is 670 across the board do I have to consider her debt in application? I planned on just applying myself as PA is not a community property state and adding her to the title. Combined DTI is 14% ish and me only with Capone card, student loans, and car loan is only about 9%. We dont have a ton of money for downpayment and closing costs about 35k. Just have been viciously paying down student loan balances. Anyway looking for some guidance if we would qualify conventionally as FHA limits are too low in the area we are looking. Right now were looking in the 300-330 K range. Yearly real estate taxes for the area are typically 4,400 a year. Doing some math even if i do have to include the wifes obligations with that house payment and PITI well be at about 36% overall DTI which i think would still be acceptable. Any guidance is greatly appreciated. In addition if anyone knows a good mortgage broker in the cranberry or western PA/ Pittsburgh Area would love a referral. Thanks in advance for reading and again any help is appreciated.
