My wife and I are going to be relocating to the Dallas area in late march or april. I am hoping someone here can reccomend lenders, or can provide some insight regarding getting prequalified. I know we aren't in the perfect situation with regards to our credit scores, but we have both just finished school are are just moving into full time employment. We plan to really aggressivly attack our debt once we're both employed full time.
Me:
EQ: 641
EX: 591 (not sure how)
TU: 630
Her:
EQ: 671
EX: 681
TU: 695
Employment: I am employed full time. I have been since March of last year. Before that I was self employed and a full time student. My income is fairly consistent this year with last years. My wife is a full time student and also a teaching assistant (part time for A&M). Has been employed for 18 months. Combined we make about $83,260 currently.Our income will increase by about $15k/year starting in june. Possibly more.
We would like to qualify if possible for a $130,000 mortgage with as little down as possible. We should have about $7 - $8k total to play with but would like to spend as little possible down so we have some cushion in moving.
We do have a little debt. She has a BOA card with a balance of 9,719 out of 15,000. We've had to charge some of her books and other school expenses. Additionally, we have a car loan in her name opened last march with a balance of about 14K. I have a sizable amount of student loan debt (just under $1,000 a month) and about $3,000 in revolving debt. In total we have between $1300 - $1600 in debt every month. I'm not sure of the exact amount but its within this range.
I've been told we should be able to qualify for an FHA loan. Anyone have any input? Should be able to qualify or are we way out of the ballpark? Anyone work for a lender in the DFW area ?
