Here is my scenario for the board and would welcome comments and suggestions, as I am starting to freak out.
My wife and I want to purchase a home in the next 3 months.
- Combined income of $125K ( I make the majority of that income)
- Wife credit is good at 730
- My credit is fair at 650
- Based on the homes we would want to look at ($250K-$300K price range) we have about 10% to put down
The potential issues:
My credit was horrible up until about a year ago.
- Have several charge-offs from 2006
- Federal Tax Lien that has been paid and shows as realesed/paid on my credit reports currently, have applied to have the lien withdrawn.
Questions I have related to my situation:
How bad will old chage-offs hurt us in pre-approval process?
The Federal Tax lien has been paid and shows released, will this impact me or since it is paid not a factor?
I have only one credit card that is active, an AMEX with $12K limit that I pay off every month, do I need more?
I have two student loans totaling around $20K that I pay monthly, will not having more than a credit card and two student loans hurt me?
Thanks for any insight to these questions or advice that can be given. My wife is in good shape, but need my income to hopefully qualify for larger mortgage.
