Hoping to qualify.. Would appreciate your input

[Anonymous]

So I am tired of renting in S. Florida and would like to take the next step and purchase a home. I've spent the last year working on my credit and finally have everything in order. Would like some assistance in determining how much I could be approved for.

 

1. Credit.  FICO 8: EQ 765 / TU 765/ EX 772
Mortgage scores from myfico: EQ Fico 05 800/ Ex Fico 02 752
No baddies on my report. Avg age of accounts 4-5yrs.

Income.  45k going up to 46,756 in March. Last year had 5k in OT

Source of income.  FT Employment. Hourly plus lots of OT and small yearly bonus (just under 1k)

Employment: w-2 employee been employed for over 5 years 


Assets/reserves: 2,500k savings and 5k 401

Location.  Florida, Broward county.

Property.  single family house or townhome,

Value.  150k - 175k

Occupancy.  Primary first home

Transaction Type.  purchase; first time home owner


Also, what interest rates could I expect and what would the monthly payments be for a home in the lower 150k and higher 175k?

Thanks for your help!!!

[Anonymous]

Forgot to mention, monthly debt is $219 car payment, $100 student loans, and about $50 in cc payments. 7% utilization on ccs

[Vegas247]

Sounds like an easy close.

[Anonymous]

Thanks. Do you think qualifying for 150k to 175k would be an issue with my income?

[StartingOver10]

I think you will be fine with your income for that price range.

The issue will be finding something in Broward under $200k (even that is tough).  Make sure you take into account the cost of homeowners insurance. It is very expensive here and becomes part of your monthly mortgage payment (principal, interest, mortgage insurance, real estate taxes, homeowners insurance and if applicable HOA or condo fees).

HOA or condo fees don't go to the bank but are included in your calculations.

Ask your agent what you need to look for to find a property that has wind mitigation features so your HOI isn't too high.