Do I qualify?

[Anonymous]

I am not sure exactly where to start. I am thinking about purchasing my first home. Figured Myfico is a good place to ask. Thank you in advance!


1. Mortgage Credit Scores:

What are your fico MORTGAGE credit scores for each mortgage applicant?

EQ: 657
TU: 658
EX: 655
2. Credit Negatives:

• Type: Revolving Account Late Payments (2 -90 day)
• Status: current now paid as agreed
• DOFD: 11/14 and 03/15
• Most Recent: Revolving 06/15
Miscellaneous:
10 months AAOA
Thin credit file: 3 open revolving Accounts
3. Gross income: $37,500
4. Source of income.
Employed
Hourly + monthly bonus opportunities

5. Monthly debt payments.
Credit Cards are all paid. I carry a few bucks on a card just to show a little utilization. My student loans are in deferment until June of 2017. No car payment. Currently just paying utilities, cell phone, and cable.
6. Employment (for those who are employed).

Type of employment: full time employed, full time student.
How long: 5 years

7. Assets/Reserves.

Savings: $5,000

8. Location:
Pima County, AZ
9. Property Description:
Inquiring for possible single family home or town home 2-3 bedrooms, and 2 bath.
10. Property Value:
Looking to purchase for no more than $130,000 at this time.
11. Occupancy.
Primary residence
12. Transaction Type.
First time buyer

[Anonymous]

I'd say it looks good as long as you keep your payments around 1125.00  Scores will get you approved and as long as you're current with everything else, all should be fine.  Happy house hunting.    Mortages are not like cc's.  You can also include your monthly bonuses as long as it's something you regularly get and for at least 2 yrs.  We've always had bonuses and they had no problem including them in our salary.  

[Anonymous]

Very nice thank you for the information on the bonus. Any tips on time frames to start the pre-qualify and process? Looking to have completed purchase in about February...

[Anonymous]

Most pre approvals last for 60-90 days and closing on a home after going under contract usually takes 30-45 days. You can get pre approved in December or early January if you want to close by late February. These are all rough estimates of course. Each lender will have different time frames for these types of things.

[Anonymous]

Thank you! I'm trying to get a feel of what I'm in for. Lol

[Anonymous]

Is their any reason to be concerned with the late payments?

[tscrutch]

I don't think you should be concerned about your late payments.  You might have to provide a letter of explanation for the lates but they shouldn't keep you from being approved.

You're definitely going about this the right way by.  Asking questions in August when you want to close in February is very smart.

[Sbrooks1]

Are you looking for FHA , with those scores a conventional mortgage is off the table and one of my concerns here is the deferred student loans , FHA will count 1% of the balance owed in your DTI so based in your income that could blow you DTI over the allowed limits. What is the balance on your SL?

[Anonymous]

Thanks tscrutch.

SBrooks, yea FHA and currently SL Balance is about 12,000.

[Sbrooks1]

So the DTI will be calculated at 120 a month so figure that in