12-13-2012 04:27 PM
12-13-2012 06:35 PM
It's a nerve-wracking process, so I think it's normal to be nervous - but if you're ready to purchase, then jump in! It seems like you have a pretty good handle on your scores & shouldn't have much of a problem!
12-13-2012 06:40 PM
There are a few questions to answer to help you know if you're ready to move forward...
Are you looking for a new construction or for a resale?
What price range are you thinking?
How much do you have for a down payment?
What is your total income by yourself and would you qualifty for the loan by yourself with that income?
Start with those and I think we can all guide you a little better.
12-13-2012 07:07 PM
12-13-2012 07:28 PM
Heh, now there are threads going...should probalby let one die off and continue the conversation in this one.
Reason I was asking about the new build vs resale is with the new sale you can have more time to correct some credit problems usually, and it could be easier to qualify if you use the builder's mortgage company.
I don't see they the front end ratio is such a concern. For a $200k mortgage at 3.5% interest, you're payment would be in the $1300 range (inc. taxes, insurance), which means you'd need to make about $4,650/month or $55,800 per year and it sounds like you do by yourself. If you both are on the loan and combine your income, it shoulds like it shouldn't be a problem at all.
How is your self-employment setup? Incorprated or?
12-13-2012 08:04 PM
12-13-2012 08:17 PM
No, you can be a Sole Proprietor, tha'ts not a problem. You'll just need to show them your taxes for the past two years and figure out what your income is (there are things you can add back in for example, so you don't have to pay taxes on them but still get to count them as income).
You can download this form which will guide you in how to figure out your income. I used it for myself and was accurate.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.