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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Pre Qualified

When you close on the loan the Lender will only give you the selling price or the appraisal price whichever is lower. The numbers they give you for pre approval are your maximum buying power. Your buying power will be well above what you wanted to spend.

 

You do not get to put money in your pocket from your purchase.

 

With 90K a year and very little debt, you shouldnt be thinking about borrowing money for furnishings or anything, You should be able to purchase it outright.

 

As an idea off the top of my head without doing the numbers officially on FHA...

 

200K home

 

900 month principle

45 month homeowners insurance

150 month MIP (same as PMI)

166 month taxes (based on 2000 a year)

 

Totals = 1261

 

These are hypertheticals, but probably not to far off, except maybe taxes, and principle (depends on rate, but could be a few dollars more or less). Which is probably a little lower then one weeks salary between the two of you. You should be able to buy your furnishings without the added expense of interest, even if it takes you a few months to furnish the entire house. Just my 3 cents...

 

 

 

 

Good Luck
May all your dreams and wishes become a reality!
Regular Contributor
FLAJenn
Posts: 185
Registered: ‎09-20-2012
0

Re: Pre Qualified

[ Edited ]

Wee! My score went to from 607 to 611 from the mortgage inquiry, lol Finace's hasn't changed at all so no loss for him, exciting! Both or cc statements havn't cut yet so we'll get the boost from that also :smileyhappy:

New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013
0

Re: Pre Qualified

You're score went up from an inquiry? What the....

Lender Pull EQ 745 EX 734 TU 722
Regular Contributor
FLAJenn
Posts: 185
Registered: ‎09-20-2012
0

Re: Pre Qualified

Haha, I know right?!  I expected it to take a hit, but I'll take the 4 point increase.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Pre Qualified

That is really strange. Something else must have happened like reduced utilization. What you are saying happened defies the laws of fico physics. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013
0

Re: Pre Qualified

I almost wonder if an inquiry or account aged and that cause a slight increase... I don't think inquiries make your score go up, sometimes they don't cause a hit..But going up...weird. 

Lender Pull EQ 745 EX 734 TU 722
Regular Contributor
FLAJenn
Posts: 185
Registered: ‎09-20-2012
0

Re: Pre Qualified

It might be an aged account thing but my cc's are not a full year old yet. I did get added as an AU on my fiance's card that is over 1 year old but haven't gotten any alert for it and it's not on my reports. Here's the only alert I recieved in the last 2 weeks:

 

 

February 16, 2013

View details of other recent alerts:
Alert:Applying for new credit has added an inquiry to your credit report

Score Watch alert/Changes to your FICO® Score

Your FICO® score has gone up to 611 on February 16, 2013.
New Contributor
Wonderyears
Posts: 68
Registered: ‎12-08-2012
0

Re: Pre Qualified

After a month of mortgage shopping and 4 inquiries later(all counted as 1 I assume), my score increased by 12 points! The only other change was an increase in my uti from 0% to about 7%. I went from 3 cards showing a $0 balance to 1 card showing a 10%home balance.
myFico TU-715 EQ-778 (01.14.2013) WalmartTU-664 (12.12.12))

LENDER PULL EQ-766 EX-779 TU-713 (12.20.2012)
New Contributor
Wonderyears
Posts: 68
Registered: ‎12-08-2012
0

Re: Pre Qualified

*10% balance
myFico TU-715 EQ-778 (01.14.2013) WalmartTU-664 (12.12.12))

LENDER PULL EQ-766 EX-779 TU-713 (12.20.2012)
Regular Contributor
FLAJenn
Posts: 185
Registered: ‎09-20-2012
0

Re: Pre Qualified

[ Edited ]

Just an update:  my scores are now at fico EQ 618 and Fico TU 630 in 10 days from EQ 611 and TU 597, and I still have a cc stament that hasn't hit reports yet that put util to under 9%. Fiancee is at Fico TU 619 and EQ at 597 with  2 cc's that have yet to hit reports paid to 2% util! Almost there, and on top of that my mom said she willa dd both of us an an au on her card when she does a balance transfer to help.  Yay! We've got until the end of March to get to 620 mid at least so I'm pretty excited about how much progress we have made in just 10 days


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