@JMMD wrote:
Ok here's our info. We are planning to apply for pre-approval come March and then house shop. Don't wwant to waste a REA time unless we are pre-approved. So, what do you think our chances are?
1. Mortgage Credit Scores: - Last time I checked my husband's scores ( Feb 2015) they were 655(eq) and 624(exp). They should be a bit higher now and I wil check both his and mine before applying in March.
2. Credit Negatives:- Chapter 7. Discharged Feb 2012.
- Late payments on husband's SL after we filed BK. . Last late was March 2013.
( We have been on time for all credit since 2013. CC's, Auto Loan, SL, personal loan which is now paid off)
3. Gross Income. 105K
4. Source of income. - Husband is full time salaried employee with same company for 9 years. Same field for 16 years.
- I work very part time ( 20 hours a month on average). 18 months with company.
5. Monthly debt payments. - Auto loan $341/mo
- SL $217/mo
- Credit cards $471/mo ( We have high UTI on 3 cards which worries me)
(Our DTI based on a 220K mortgage/PMI/taxes/insurance is 22/37)
6. Employment - Husband is full time salaried employee with same company for 9 years. Same field for 16 years.
- I work very part time (15-20 hours a month on average). 18 months with company. We'd qualify without this income if needed. I don't earn much :-)
7. Assets/Reserves.
- $14K for D/P and Closing. We are going FHA so we need 3.5% down.
- 60K in 401k for reserves
8. Location:
9. Property Description:
10. Property Value.
- We plan to stay under 230K.
11. Occupancy.
12. Transaction Type@. Purchase. FHA. Current rates @ 4%
Hi JMMD,
Based on all of the information you've provided you're qualified for an FHA mortgage.
Good luck & feel free to ask me any questions regarding the mortgage process.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
