@shane1120 wrote:My fiancé and I will be applying for a home loan around the summer of next year. We just want to make sure we have all our ducks in a row. Please take a look at our information below and let us know what you think.
Credit
My scores –
EQ – MyFico – 686
Trans FICO – 680
EX – 677
Wife’s – 730+
Income – 80k combined. I’m an engineer and she a teacher.
Monthly Debt – DTI is 20%
Cars – 835
CCs – 0
School – 545
Assets – 10k+ 401k and will have 10k in savings at the time of mortgage.
Location
Saint Louis, MO and surround counties
Value
Max of 150K – we were just pre approved with Gershman Mortgage for 189k. That was before paying off all our CCs to 0 so I’m sure it’s much higher now.
Depends on what your cc debt payments were when you were qualified. Is $150k doable in your market? If so, then that is a good thing 
Are homes readily available in your market in the $150k range?
From what I can see with your payments you posted the $835 + $545 is 20.7% of your gross monthly income and that would be added to the house payment to come up with your back end ratio. Your house payment is Principal, Interest, Real Estate Taxes, Homeowners Insurance, HOA (if applicable) and Mortgage Insurance.
@StartingOver10 wrote:
@shane1120 wrote:My fiancé and I will be applying for a home loan around the summer of next year. We just want to make sure we have all our ducks in a row. Please take a look at our information below and let us know what you think.
Credit
My scores –
EQ – MyFico – 686
Trans FICO – 680
EX – 677
Wife’s – 730+
Income – 80k combined. I’m an engineer and she a teacher.
Monthly Debt – DTI is 20%
Cars – 835
CCs – 0
School – 545
Assets – 10k+ 401k and will have 10k in savings at the time of mortgage.
Location
Saint Louis, MO and surround counties
Value
Max of 150K – we were just pre approved with Gershman Mortgage for 189k. That was before paying off all our CCs to 0 so I’m sure it’s much higher now.
Depends on what your cc debt payments were when you were qualified. Is $150k doable in your market? If so, then that is a good thing
From what I can see with your payments you posted the $835 + $545 is 20.7% of your gross monthly income and that would be added to the house payment to come up with your back end ratio. Your house payment is Principal, Interest, Real Estate Taxes, Homeowners Insurance, HOA (if applicable) and Mortgage Insurance.
our minium monthly payments before we paid everything off was around 140.
There are a lot of nice homes in our area for between 132-150k
That is wonderful that you have a good selection of homes in your preferred price range. It will be fun finding just the right place