Do I qualify for a mortgage?

[Edward0215]

I just got an update on my credit scores. EQ 674 TU 678 EX 667.  I wasn't expecting the scores to reach there until Feb-March 2015. I had applied for a credit card to help my score and history last month. Being that my scores are where they needed to be now. should I go ahead and submit an application for the pre approvals. Or due to my recent cc will I have to wait until the 6 month in Feb-March?  Thank you!

[TimeToRecover]

Hello,

Please note that if those scores are from anywhere other then a mortgage pull your scores may not match.  they can be higher or lower depending.  So just a heads up that unless the scores specifically come from a mortgage pull you do not truly know what your scores are for a home purchase

[Edward0215]

Thanks for your response. When I pulled my mortage lender scores last time there was a difference in 27 points to myfico. I hope theres still the same difference and my scores now could be at least 640.  should I go ahead and let the lender pull my scores again to see if I got the 640? Or is it a waste to pull scores now do to my recent credit card approval last month and if it is will I have to wait the 6 months after the approval?

[Edward0215]

I just pulled my equifax score power and it said 656 hopefully it is a beacon 5.0 that should be my  middle number if it is. 

[ShanetheMortgageMan]

It wouldn't hurt to try now - worst case is at least you'd know where your mortgage credit scores are.

[Edward0215]

Thank You Shane, Would you be able to give me an idea of how much we could qualify for with our updated reports?  Thanks again!

1. Credit. Myfico Experian 667 Transunion 678 equifax 660  negative:  4 Student Loans with total of nine 90 days lates all 4 says transferred to another lender account closed last late from 2010. Collections:  NONE yay!  Open accounts: 2 student loans owe $5800 pays as agreed never late ,3 credit cards  balance 200 out of 3600cl never late
2. Income. Gross income is 62K
3. Source of income. 58k salary 4k self employed 
4. Monthly debt payments.Only one card has debt so $25? $58 student loan
5. Employment one year in current company 4 years total in same industry.
6. Assets/Reserves. 5K savings
7. Location. Florida palm beach county
8. Property.  single family house,
9. Value. ?
10. Transaction Type.  purchase

[ShanetheMortgageMan]

Probably in the $150-175k range... it's tough to say since propery taxes & homeowners insurance can vary in the Palm Beach area.  I'd do research on how much property taxes & homeowners insurance would be given a specific home.  You can call around get homeowners insurance quotes, and http://pbctax.manatron.com/Tabs/PropertyTax.aspx will help you look up property taxes.

[StartingOver10]

Here in Palm Beach county average cost of homeowners insurance for a home less than 30 years old with newer roof (since 2000), CBS (not frame) with shutters runs about $2400/yr  for estimating mortgage affordability purposes. Depends on the zip code too.  We can't even really get general insurance quotes anymore without having a wind mitigation report. Newer homes with all the mitigation features in place are less expensive.

Real estate taxes vary too if the property has been homesteaded a long time that can work to your advantage when qualifying for your mortgage.