11-29-2012 12:35 PM
We are coming up on our 3 year anniversary of our foreclosure and are hoping to purchase a home in the next few months. We have reestablished credit and have FICO scores in the 660-680 range. My husband has 2 collections on his credit from 3 years ago that he needs to get settled, but aside from that our credit is clean. We both have 4 credit cards and have refinanced one vehicle (Ally) and purchased another in my name (Wells Fargo). We are self employed with the business being established in 2009. It shows increasing income and for 2012 we should have a gross of about $115K all reported on tax returns. We will have 3.5% down and hope to purchase in the $250-275K range. Is this a favorable scenario? Also, how much in reserves will we need to get approved? I understand the more the better, but what is the minimum the banks look for?
11-29-2012 04:10 PM
Once you finish the clean up I would say yes...absolutely!
Go ahead and ask around for a good mortgage broker who can start putting some numbers together for you and advise you about your self employment income as well as your current DTI ratio, etc.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.