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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...
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).
Good to see another Phoenix resident working to purchasing a home. Congrats in advance. The income and down payment wont be a problem. I believe short sales have a 4 year wait for conventional loans so your time table seems to be okay. As far as the mortgage scores, you have time to get that up and find out what your wife's score is as well so you know where you stand. Going conventional with a 645 score would lead to much higher rates and PMI payments as well. Best advice I can give is to keep your credit card utilization down and focus on the credit score.