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So my original plan was to wait and clear off some utilization and save up for a down payment... but home values are starting to skyrocket where I'm at and I really don't want to roll into another lease (existing house is a little cramped). So I'm halfassed shopping for a house but I'm not sure if I could even get qualified for a loan. We went and looked at some houses this past weekend and before getting any deeper into the process I figured I'd see if you guys think it's even worth moving forward.
I would be looking at Navy Federal's portfolio loan ideally, with the zero down option (since obviously).
1. Mortgage Credit Scores:
2. No negatives on my file.
3. Gross Income.
4. Source of income. Where is the income coming from? List each source.
5. Monthly debt payments.
6. Employment (for those who are employed).
8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
9. Property Description:
10. Property Value.
11. Occupancy.
12. Transaction Type.
Have a decent file, good mix. Just about $30k in credit cards from a family medical situation and my partner being out of work off and on for the last 2-3 years, and $40k in student loans. My bring home is about $1000 weekly, not sure if that is considered when DTI comes up or not. What do you guys think? Should I just grit my teeth and do another lease or stay in the cramped house we are currently in?
I can't answer that fully but that revolving utilization is absolutely killing your score based on your claim of no negatives, and is a huge financial sinkhole if we're talking typical credit card APR's: we're talking on the order of 6000 annually or $500/month just in interest charges if around ~20% for napkin math.
There's tradeoffs involved to be sure with market timing, but if it were me I'd grit your teeth and fix that: if you're in any major metropolitan area have your partner start driving Uber or something to help out too, but I'm not confident in suggesting you should be applying for a house right now even if you might be able to get someone to approve your file; I'd stop the bleeding first as owning a house is not likely to improve your cash flow.
You have the profile of someone who would be approvable/eligible for a mortgage loan---if you had the money for a down payment and / closing costs. Do you have any family member(s) that could provide you with a gift of funds that you can use for a down payment?