My wife and I would like to purchase a home in the next 12-18 months. We've had a few hiccups along the way, so I'm just trying to determine how lenders are going to look at us when we're ready to purchase and make any adjustments now. Here's our information...
1. Mortgage Credit Scores:
Me: 645.
Wife: ??? She had previous credit, but had a few collections and charge offs plus many late payments. We addressed those years ago and all have dropped off her profile now. She's an AU on my CCs and has student loan debt (currently in deferral as she's an enrolled student), but no other debt in her name.
2. Credit Negatives:
Me:
Short Sale: Closed - 9/13, Paid/Settled, $28k deficiency
Mortgage: 60 days late, DOFD: 7/13 (see above)
Promissory Note (required to close short sale): Paid/Settled, DOFD 12/14, Account Closed 3/16. 120 days late.
I have 20 years of otherwise good credit
Wife:
No negatives. Old baddies have dropped off.
3. Gross Income:
Combined gross income should be around $155k when we apply (Me: $85k, Wife: $70K)
4. Source of income:
Full time salary for both of us, no bonuses
5. Monthly debt payments.
Should have all revolving debt paid off when we apply.
Student loans: Me - $10k / $90 monthly payment. Her: $105k / est. $650 monthly payment
Car loan: $390 (attempting to pay this off before applying as well)
Child Support: $400
6. Employment (for those who are employed).
Me: Full time government employee, will have 3 years in current job and 15 years in the field
Wife: Full time employee, 1 year in job, 5 years in field, though she took a 3 years off to go back to school (Master's Program) and stay home with our child)
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
Me: About $30k in retirement accounts. (I also have a pension, which should have ~$30k in contributions, but I cannot touch it).
Wife: About $10k in retirement accounts
We also have a family member living with us that is paying $600 per month towards expenses and would continue to live with us
I would like to put down at least 15%, but realistically it probably won't be much more than that
8. Location: Phoenix, Arizona (Maricopa Co.)
9. Property Description:
Single famlly home in good condition
10. Property Value:
Approx. $400-425k
11. Occupancy.
Primary residence, 4 residents (Me, Wife, Child, Family Member)
Thanks in advance!
