I want to start rolling the ball on this. My DW and I are planning to start the process of getting pre-qualified for a mirtgage in November 2016. Our situation is a bit tricky, because we have a mortgage already. The original mortgage is for an apartment in Puerto Rico and we did a second mortgage in 2007. Payment for the two mortgages are 1st $777 and 2nd $163. !st mortgage is at my DW name and the 2nd is in both names. We rellocated to Houston, TX on January 1st 2015. We;ve been renting since that time in an apartment complex.
Selling the apartment is not an option at this time because the economy in PR is really bad at this moment and houses have lost a lot of value. We are renting the apartment to a friend for $650 a month. Its lower than we pay for but something is better than nothing. We made him sign a contract that expires every year since January 2015.
We went through Ch13 from Oct 2009 to our discharge in May 2015. Our three reports are completely clean from CH13 and negatives accounts. Our scores have improved a lot thanks to all the advise from this forum. We are not sure if by having a mortgage already will hurt our chances of getting a mortgage in our new state.
This is our score and income situation now:
1. Credit Scores
Me: FICO 8 = Equifax: 777, Trans: 783, Exp: 778
Mort. Scores = Equifax: 755, Trans: 744, Exp: 752
DW: FICO 8 = Equifax: 801, Trans: 783, Exp: 805
I still don't have her mortgage score, but Im confident that hers should be better than mine. We will get the scores soon.
2. I have 6 credit cards and only let 1 report a balance less than 10%. DW hace 4 CCs and same strategy.
3. I have a car loan for $497.
4 Each have Student Loans for about a $100.
In resumen, we have debts of about $1900 a month. Thats including our two mortgages.
5. Combined income is $122,650. I an salaried employee and DW is hourly doing 40 houst every week.
Monthy income vs debts obligations is:
Income = $10,220
Debts = $1,900
6. Savings = $30K
My main concern is that we get denied for having a house already. Also, I know the CH13 is not even in our reports and we dont have any negative account on reports, but not sure if that is something that can hold us.
I think a good number for a new mortgage would be $250K to $300K price tag. What do guys think about our chances?
