Mortgage Loan Qualification

[Pistons0]

1. Mortgage Credit Scores:  

• Current FICO 8's from all three bureaus are around 760-770. I know these aren't the models used, but I am meeting with a local credit union next week, and they will be provided.

2. Credit Negatives: None, everything has been paid on time.

3. Gross Income.  45,000 Annually 

4. Source of income.  Where is the income coming from? List each source.

• Full time Employment
• Part time Employment

5. Monthly debt payments. 

• Lease Vehicle Payment- $430
• All credit cards are PIF every month.
• Student Loans: Currently in deferment until December 2017. Cumulative loan amount is approx. 37,000. 

6. Employment (for those who are employed). 

• Type of employment: Full time employment for 3 months. Part time employment for 6 years.
• How long have you been in the industry/career field. 
• Full time employment is in career field that I attended school for. Part time employment is not in related career field.
• I am still technically a full time student, graduating in December 2017.

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).

• Savings- $10,500 
• Checking- $1500 

8. Location:  This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.

• Upstate NY, First time home buyer

9. Property Description: 

• Looking at single family homes.

10. Property Value. 

• Purchase transaction: Price range 55k-80k

MISC.

Haven't read up much on gifting for the purpose of down payment, but any comments on that will be appreciated. 

I'm currently a co-signer on an auto loan. Perfect payment history. Main borrower has offered to put loan entirely in their name. $225 monthly.

[Pistons0]

1. Mortgage Credit Scores:  

• Current FICO 8's from all three bureaus are around 760-770. I know these aren't the models used, but I am meeting with a local credit union next week, and they will be provided.

2. Credit Negatives: None, everything has been paid on time.

[Pistons0]

3. Gross Income.  45,000 Annually 

[Pistons0]

4. Source of income.  Where is the income coming from? List each source.

• Full time Employment
• Part time Employment

5. Monthly debt payments. 

• Lease Vehicle Payment- $430
• All credit cards are PIF every month.
• Student Loans: Currently in deferment until December 2017. Cumulative loan amount is approx. 37,000. 

6. Employment (for those who are employed). 

• Type of employment: Full time employment for 3 months. Part time employment for 6 years.
• How long have you been in the industry/career field. 
• Full time employment is in career field that I attended school for. Part time employment is not in related career field.
• I am still technically a full time student, graduating in December 2017.

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).

• Savings- $10,500 
• Checking- $1500 

8. Location:  This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.

• Upstate NY, First time home buyer

9. Property Description: 

• Looking at single family homes.

10. Property Value. 

• Purchase transaction: Price range 55k-80k

MISC.

Haven't read up much on gifting for the purpose of down payment, but any comments on that will be appreciated. 

I'm currently a co-signer on an auto loan. Perfect payment history. Main borrower has offered to put loan entirely in their name. $225 monthly.

[kc0039]

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@Pistons0 wrote:

1. Mortgage Credit Scores:  

• Current FICO 8's from all three bureaus are around 760-770. I know these aren't the models used, but I am meeting with a local credit union next week, and they will be provided.

2. Credit Negatives: None, everything has been paid on time.

3. Gross Income.  45,000 Annually 

4. Source of income.  Where is the income coming from? List each source.

• Full time Employment
• Part time Employment

5. Monthly debt payments. 

• Lease Vehicle Payment- $430
• All credit cards are PIF every month. Remember, they will still report a balance due to credit reports being 30 days late
• Student Loans: Currently in deferment until December 2017. Cumulative loan amount is approx. 37,000. We'll use either 1% of the loan balance as payments or IBR payments if you can prove they are lower than 1% of the total balance

6. Employment (for those who are employed). 

• Type of employment: Full time employment for 3 months. Part time employment for 6 years.
• How long have you been in the industry/career field. 
• Full time employment is in career field that I attended school for. Part time employment is not in related career field.
• I am still technically a full time student, graduating in December 2017.
• Your EMPLOYMENT is something to ask a local lender about. We can use the diploma as part of your employment, but underwriting may not use your part time employment to add to your income. Rules state as follows:
  • Conventional loan - 2 years consecutively working 2 jobs
  • FHA loan - 2 years uninterrupted working 2 jobs
  • This is the verbiage and the person making the decision will be underwriting

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).

• Savings- $10,500 
• Checking- $1500 

8. Location:  This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.

• Upstate NY, First time home buyer

9. Property Description: 

• Looking at single family homes.

10. Property Value. 

• Purchase transaction: Price range 55k-80k

MISC.

Haven't read up much on gifting for the purpose of down payment, but any comments on that will be appreciated. 

I'm currently a co-signer on an auto loan. Perfect payment history. Main borrower has offered to put loan entirely in their name. $225 monthly.

---

[kc0039]

1. Mortgage Credit Scores:  

• Current FICO 8's from all three bureaus are around 760-770. I know these aren't the models used, but I am meeting with a local credit union next week, and they will be provided.

2. Credit Negatives: None, everything has been paid on time.

[kc0039]

3. Gross Income.  45,000 Annually 

[kc0039]

4. Source of income.  Where is the income coming from? List each source.

[kc0039]

• Full time Employment
• Part time Employment

[Pistons0]

I know there are currently a lot of moving variables from a numbers stand point (student loan payment), but how do the chances look for an approval? 

[Sbrooks1]

Credit cards do not report a balance if you pay the full amount due before the statement cuts. The statement balance is what is reported to the CRA, just a clarification of that comment . Not sure about approval chances with the employment history , maybe someone else will chime in