What's the payments on the 2 cards
@Anonymous wrote:Hello Everyone - I am a first time home buyer and thinking of applying for a pre qalification to see if and how much I can be approved for.
My mortgage fico from this site is a mid 630, my salary is 87K with 4years at the same company, I have saved 25K for a down payment. I have a student loan monthly payment of $100.00 with a balance of 15K. And 2 credit cards (of which one is 12 years old) with a utilization of 10%. I have no car note.
How much do you guys think I can be approved for?
What should my next step be?
Thank you eveyone for your replies.
How much were you looking for, based on your information I'd say 500k (unless you're in an area that has high tax rate) but at 5% down that would eat up what you saved and still need money for closing costs unless it's a new build and builder is paying a %. You'd probably be looking at FHA because Conventional has a 3% program but needs a mid score of 680. Talk with a LO and see what he thinks, that's your next step
@Anonymous wrote:The payments on both cards combined are $150 a month.
should be able to help out or other mortgage guys in that area, I'm in the Phoenix area. Stay away from the big banks and deal with direct lender, good luck!
Congrats, you have positioned yourself really well to purchase your first home. Nice job!!
Talk to SEVERAL loan officers and a couple of local credit unions. If you have parents or a trusted advisor, run it all by them as well. Loan officers are sales people, some know a lot and some think they know a lot. You have a sizeable down and I would trust working with a credit union and building a long term relationship. My personal tip is NOT to get a loan officer referral from your real estate agent.
Talk to different lenders, get fully pre-approved (not a pre-qualification that is useless) and then look for your new home. A full pre-approval really puts you in the drivers seat when making an offer, since the work is already done. The lender can tell you exactly what you qualify for and then you may want to go lower as it's your first home and there are always unexpected expenses.
All the best!!
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