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New Member
Atrix80
Posts: 1
Registered: ‎07-23-2012
0

Hello! New at this whole home buying process..

[ Edited ]

Hello

 

So this is my first post here since joining. Its been only a few days but I've learned quite a bit. Which has been helpful, but yet this whole process seems to overload my brain.

 

We will be both first time home buyers.

 

Before I go ahead with prequali's and what not, I wanted to see what the community might think, How much we can get approved for, maybe rates or estimate of it. If we'll get approved at all. I feel our #'s are not that great so I keep feeling like we wont get approved at all.

 

What areas we might need to improve on, what more info lenders will need from us.

I am thinking my timeframe is about a year. I figure that should come up real quick.  Gives us time to save up more and research.

 

So here is some background on what I am working with. I'll be applying with my wife.

 

  1. Credit.  I just pulled my credit report yesterday. I got a score of 796 through EQ. (myfico) I did not pull the trans score. Should I have?  We are still waiting on my wifes report, ran into some problems with the site last night and was told to call back next day. (So we got things resolved, Wifes credit report came back with 816eq)
  2. Income Me and my wife both work. We both bring in a total of 120k. Both are on W2.  I work some overtime here and there..
  3. Source of income.  We both get our income from our current job. I am hourly, and the wife is Salary.
  4. Monthly debt payments.   As far as monthly debt, I currently have 1k in cc debt which is my AMEX, which is paid off each month. The wife currently has another 1500, which is also mixture of amex/discover.  the past few years, we have aggressively paid down our debt.  I was quite irresponsible with my money.
  5. Employment  We both are W2 as mentioned above. Been working for 7+ same company.. Wife has been at her job for 2+ years.
  6. Assets/Reserves.   We currently have 7k in the bank.  20k in savings. I havent looked at our 401k and other savings.  #'s are lower than before, had unexpected emergencies that popped up and what not. Been on the saving mode past few months.
  7. Location.   Los Angeles, CA - Mainly South Bay area.
    .
  8. Property.  We will be looking for a single family home.. As far a condition of home, we are looking in term of something we can move in and not have to remodel too much. Something along a 3+ bedroom home. The family is growing
  9. Value.  300K - 400K
  10. Occupancy.  Primary residence,
  11. Transaction Type.  Purchase - First time home buyer.

Thank you!

Valued Member
Lillisum
Posts: 68
Registered: ‎07-12-2012
0

Re: Hello! New at this whole home buying process..

If you can't get approved, who can? 

Regular Contributor
K_J
Posts: 209
Registered: ‎01-31-2012
0

Re: Hello! New at this whole home buying process..

I think you guys are good to go now, if you decide to jump into it. 


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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