My wife and I made an offer on a home Saturday and we found out last night that the seller accepted our offer. I have posted my information on this forum before but its been a while. See below:
Purchase Price : $154,000
Seller paying closing costs
10% down
My income is $50k and unfortunately has been at this level for the past three years. I am a W2 employee, with the same firm for 6 years. My wife finished up her bachelor's degree 12/09 and will be a teacher. She has been substitute teaching since then and waiting for a job to open in our area. She grossed $10k in 2010 while subbing. Her previous years W2 were weak, as she was working part time during school. She made around 5-7k each year.
We have just under $20k in cash right now and I just liquidated a portion of my IRA ($10k) to put towards down payment. This will give us $30k in cash by Friday. I did this so that after we pay the $15,400 down payment, we will have some cash reserves in the bank.
I have just north of $41k in my 401k and my wife doesn't have any retirement funds.
We have little debt. One credit card with $900 on it, CL is $3k, I think the min payment is $20, we pay $100/month, been trying to pay that one down after Christmas. We pay $231/month for student loans, and we both own our vehicles with no loans.
When we went through Pre-Approval, our LO pulled a 690 on us. My mid was 690, hers was 710.
My question, how do we look going into underwriting?
