**Sorry my original message was blank, I mistakenly hit enter or something and it posted my message without any text** OOPS!
My finance and I will be applying for a loan this coming Monday. We are looking to finance about $350k with a purchase price of $375k. The home is new construction and recently appraised for $430k. Here is our financial picture...
My FICO scores are: 740 TU and 749 EQ.
I recently paid off (or down to very small balances) all credit cards and paid off my school loan...those payments don't show up on report I ran last night though. My only monthly expense now is a car loan at $365 a month. I had income of $42,300 in 2009 and now will make $43,000 this year.
My finance's scores are: 688 TV and 704 EQ
His scores are typically higher than mine, but in November he went to Jared's and bought a very expensive engagement ring (getting married in June!). So, having a very high revolving credit balance really hurt his scores I guess. The good news is that he paid it off about a week ago, along with all credit card debt. Now, his only monthly debt is a school loan at $480 a month. One other potential problem is that he is a self-employed attorney. In 2009, his income was a little over $80k and this was his first year self-employed. However, in 2008, he had some medical problems and only had income of $32,500, which was not from self-employment. In 2007, he had a salary job and also worked out of the home and ended up with income over $125k.
I guess my question is...1) will his scores hurt us? 2) how long would we have to wait for his score to be updated to show that his revolving credit balance is very low now? and 3) will his 2008 income hurt us?
He is having a good 2010 already with income so far of $25k.
Oh by the way, if we do qualify we can also qualify for a 3-2-1 buy down program offered in our State. My understanding is if we can get a 5.15% rate, the first year it will be 2.15%, the second year 3.15%, the third year 4.15% and 5.15% thereafter.
I can't want to hear your thoughts!!
Message Edited by wvgirl on 02-26-2010 06:38 AM
Message Edited by wvgirl on 02-26-2010 06:40 AM
Message Edited by wvgirl on 02-26-2010 08:12 AM
