New Home Buyer - Suggestions

[sghosh5]

Me and my wife are looking to buy a house somewhere around April 2014. We are looking for a loan of $300K and hopefully will be able to down pay 40 - 50K. My wife will be the primary applicant and i will be co-applicant. Her credit is excellent ( over the board 750+ scores, 100% pay on time). My credit is fair. I have old collections those are almost 6 years old. But then I have few paid in full collections from 2010, 2011; one paid charged off card in 2012 November and one Auto Loan which was 120 days late in November 2011 and since then paid on time till date. I am still trying to get my scores up to near 700 range. 

My question, will the banks create problems for us to get a $300K loan as i have so many past delinquencies though they are all paid in full now? Our combined annual income is 190 K.

[DallasLoanGuy]

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@sghosh5 wrote:

My question, will the banks create problems for us to get a $300K loan as i have so many past delinquencies though they are all paid in full now? Our combined annual income is 190 K.

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we will run your file thru an automated underwriter.... if the AU approves, then we will give you no crap about the old stuff.... maybe some letter of explanation.

some banks add their own guidelines to what i have described.... so let us know what they say when you apply.... we will help you from there.