Qualify?

[kraig]

Hey

I was just wondering what my options will be. I have been at my current job for 5 years and I make $65k. I pulled my credit last week and my scores are 661-Ex, 690-Eq and 681-Tu. I am planning on getting my Utili down from 90% , hoping this will push me over 700. I don't have any lates, collections or anything like that so I hope that will get me there. My issue is we want to buy a house. The one we are looking at is $250k and another for $280k. I should be able to get $50k to $75k out of my current home to put down. Just wondering if any one thinks I will have problems getting qualified with my scores,income,money down etc?

[ShanetheMortgageMan]

Before I can accurately say if you'd have a problem or not, what do you anticipate your minimum payments will be on items on your credit (cc's, auto's, student loans, etc.) by the time you are ready?  Everything checks out, but just want to make sure your debt to income ratio would be OK.

[kraig]

I own two cars - no payments

1 student loan - 80 bucks a month

and I figure my CC payments will be about 50 bucks a month after I get my commission and pay these suckers way down.

[ShanetheMortgageMan]

You are looking golden!

[Anonymous]

Should be fine as long as the monthly credit card payments are as you say above.

And as long as your mid FICO is 680+ there's no real reason to wait to get your score over 700 first - generally for a conforming loan there's no rate bump for 680 and up.