Do I qualify for a mortgage?

[jakeg1086]

Hoping to purchase in spring/early summer 2015. Thanks in advance!

CREDIT: EQ: 621  TU:619  EX:628  All according to MyFico

    Negatives include 4 credit card charge offs from 2010, 1 collection showing on EQ and TU, 3 on EX, all paid, one 30 day late on a credit card from March 2014.

    We are planning on buying in summer 2015 so hopefully the recent late will be aged enough?

INCOME: $110,000 annually (base plus commission, but income has been consistent for 24 months)

SOURCE: W2 employment

DEBT: $2100/monthly including $1100 for rent and a leased vehicle for $385 a month

EMPLOYMENT: Full time employment. Been at current job for 7 months, same industry/position for 4 years

ASSETS: $12,000 in savings for down payment

LOCATION: Suburbs of Twin Cities, MN

PROPERTY: Single family home

VALUE: $225,000-$275,000

OCCUPANCY: Primary residence

TRANSACTION: Purchase (first time buyer)

[jakeg1086]

bump

[Anonymous]

Do you have any installment history in the mix?

[jakeg1086]

I have 1 prior auto loan, one prior lease and the current auto lease (leases report as installment lines.) One 30 day late on the loan from 2010, one 30 day late from 2012 on the old auto lease, and have had the current lease for 14 months no lates

[ShanetheMortgageMan]

Debt ratio looks fine for a $275k sales price.  The late payment from 3/2014 wouldn't be an issue if you are applying in the summer of 2015.

If you have credit card debt then I'd concentrate on paying that down, as it'll increase your credit scores.  If you don't have but 1 or 2 credit cards, then I'd open additional so you have at least 3 or 4 total credit cards reporting on time payment history each month (remember you don't have to use the card in order for them to report on time payments), as that will increase your score faster than just having 1 or 2.