I have a question about getting approved for a mortgage. Last year, I made $94,000, I work part time and I am in college fulltime. I am in college to further the career I am already in- have worked in the same place for about 5 years. I have student loans in deferrment ($30,000 and counting 
) and 2 auto loans paid on time...one I owe less than $4,000( $280/mo) on and the other I am down to owing $28,000($650/mo). I have opened 2 credit cards within the last year. I have my eye on a condo of all things....and it is $170,000. I have a clean CR except for cap 1 which must be removed by 3/09 and I have one collecion showing under experian for Sprint for $300 that just showed up, even though the issue is about 5 years old. My only other problem is that my credit cards have been run up to 50-75% of the balance- FAKo scores are around low 620's. I plan to pay off the cards asap- most likely within a month or two, but how long after they are paid down or off should I begin the preapproval process? Can I get a loan under these circumstatnces with these on my CR?
) and 2 auto loans paid on time...one I owe less than $4,000( $280/mo) on and the other I am down to owing $28,000($650/mo). I have opened 2 credit cards within the last year. I have my eye on a condo of all things....and it is $170,000. I have a clean CR except for cap 1 which must be removed by 3/09 and I have one collecion showing under experian for Sprint for $300 that just showed up, even though the issue is about 5 years old. My only other problem is that my credit cards have been run up to 50-75% of the balance- FAKo scores are around low 620's. I plan to pay off the cards asap- most likely within a month or two, but how long after they are paid down or off should I begin the preapproval process? Can I get a loan under these circumstatnces with these on my CR?
@Anonymous wrote:
I have a question about getting approved for a mortgage. Last year, I made $94,000, I work part time and I am in college fulltime. I am in college to further the career I am already in- have worked in the same place for about 5 years. I have student loans in deferrment ($30,000 and counting
Everything sounds great for an FHA loan. I would wait until Cap 1 drops off and also get your CC's down to about 10% on each card.You CANstart now if you want, but the cards need to be paid down to about 10% each.
Leave the Sprint CO alone.
ADDED: If you have less than 10 months left on the one car, then it does not have to be included in your DTI. 