Former loan officer. Credit champion that brought his credit out of the ashes! Used to have a repossession and lots of baddies. 10 years later, im in the 800 club.
I reviewed current underwriting matrixes for fha and freddie. I assume I will be in some sort of streamlined program. I prefer to keep it easy, not have to jump through hoops. Compensating factors will be no problem to satisfy, but would much rather be AUS accept or streamline. i understand fha will go up to 45/55ish but what is max with streamlined?
My concerns... home is $169,900 asking price, property taxes are 3900yr! According to my calculations DTI will be around 29% front end. 49% back end. $1250 month at 3.75% 3.5% down
I could acquire gift funds but would rather not. could put more down, but would rather save for renovations.
- Credit. Mine was 805 when I leased my 2015 Murano last month, fiance is around 787 on credit karma, so Im sure 720+ fico for both of us.
- Income. 52k combined
- Source of income. Employed w2's taxes filed 2 years
- Monthly debt payments. just the murano 619 a month and 52 student loans. All cards are paid off 40k available on CC's only 1% utilized
- Employment I have same job for 2 years but 1st year is low income on taxes. I did not graduate but left school for position. Fiance is 1 yr at current job but 4 in same field
- Assets/Reserves. 12k in savings,5k liquid in etrade account, could get another 12k gifted. would rather only do 5-10%down to save for renovation of kitchen etc
- Location. Wisconsin Brown county
- Property. Single family 169,900 asking price
- Value. looking in $150k range but this house peaks our interest.
- Occupancy. Primary residence,
- Transaction Type. purchase,
Another concern, is my fiance took 4 months maternity leave. She had short term disability but considering this our combined income is only $48k combined. She is back to work and is hourly employee, and this year will make 4k more. will they only use the wages from last year or consider this? If i forgot something let me know. If you have a referral I welcome it. Thank you
