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Hello,
Seeing if anyone has valuable input on our situation. We are getting ready to apply in the next few weeks for preapproval.
1. Mortgage Credit Scores:
10. Property Value.
11. Occupancy.
@Anonymous wrote:Hello,
Seeing if anyone has valuable input on our situation. We are getting ready to apply in the next few weeks for preapproval.
1. Mortgage Credit Scores:
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:
- My Fico Socres: 641, 644 658: I have spent the last 8 months rebuilding from a 580. We'll use 644 median credit score
- Wife: middle score around 680
3. Gross Income.
- I have a charge off on a credit card that is 12 months old. I have missed payments from that time. Since then I have had 12 months of ontime payments on multiple credit cards, auto loan, etc.
- I have a higher utilization on a few cards 75% on one that I am working on paying down. Overall utilization of credit is at about 30%
4. Source of income.
- 203k combined income before taxes.
5. Monthly debt payments.
- Wife Eans 120K annual salary. She is a Nurse Practicianer and started in her role about 4 months ago. Prior employment as RN for 5+years
- I earn 83k annual salary I have been in this job about 14 months. Prior job for 5+ years
- Wife does collect child support payments around 500 a month
- I earn occasional commissions, milage payments, ect. Not guaranteed and not consitent so not included with salary.
7. Assets/Reserves.
- We have student loan payments that equate to around 3K a month. What's the total amount owed? (This could be income based)
- Auto Loans are 1k a month
- Credit card payments are 500 a month
- We have around 16K for downpayment
- 25K in 401K
9. Property Description:
- Single family home, We are looking at existing properties and also a builders new construction
- Rice County/Scott county MN
10. Property Value.
- 325K for the new construction
- 250-350 for an existing home if possible
- We are open to an FHA loan and that would limit our purchasing power.Why do you say it would limit your purchasing power? Is it because FHA is stricter on their appraisals?
11. Occupancy.
- Primary Residency
12. Transaction Type.We are first time home buyers
I would definitely go FHA at this point. If you were to buy a $350,000 house with 5% down, PMI alone for a 644 credit score is around $420.00. FHA with 3.5% down, PMI would be $240.00. If you were to go FHA, you'd easily qualify for a $350,000 house.
@Anonymous wrote:
Hi,
For student loans I would say we are at 120k total. The fha loan limits are 271k for rice county MN. So thats where the purchasing limitations would be.
Rice county is $275,665.00 and Scott county is $332,350.00. If you find one in Scott county, that's where you'd qualify for an FHA loan. You'd qualify for a conventional loan if you were to find a house in rice county. It'll be $300 more in payment, but you and your wife will still qualify with a lot of room to spare. I used $16,916.67 for your monthly income. (Napkin math)