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Valued Member
texhawk
Posts: 30
Registered: ‎06-04-2007
0

Realistic Options...

I appreciate all the advice given and now have my own situation to offer up.
 
Looking at buying home in February as lease ends on the last day of month.  I would prefer to just go to BOA and keep things simple (30yr fixed) but will obviously shop.  Here is the raw data.  You tell me the options that I will have.
 
Income - me - 95Ksalary, 10K bonus, wife - 50k salary
Debt - 0 recurring, 8 payments left on auto at 500per.  1500 in student loans.  (both in my name only)
Retirement Balance - me -20k, wife - 60k.  ( I am now maxing out 401k so my take home is much lower than could be)
 
FICO - me - 688,667,662,  wife - 656,628,649  .  these are today and will only go up as we near year end.
no collections, just some lates over 1 year old.
 
Downpayment - 15K
 
Looking at 300-325K home in Overland Park, Kansas.
 
 
Thanks  
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Realistic Options...

looks pretty good-
Installment with less than 10 oaymnets left are not calculated in DTI

They calculate on Gross income- so maxing the 401K does not hurt you-

Keep paying on time and keep revolving balances down.



texhawk wrote:
I appreciate all the advice given and now have my own situation to offer up.
Looking at buying home in February as lease ends on the last day of month. I would prefer to just go to BOA and keep things simple (30yr fixed) but will obviously shop. Here is the raw data. You tell me the options that I will have.
Income - me - 95Ksalary, 10K bonus, wife - 50k salary
Debt - 0 recurring, 8 payments left on auto at 500per. 1500 in student loans. (both in my name only)
Retirement Balance - me -20k, wife - 60k. ( I am now maxing out 401k so my take home is much lower than could be)
FICO - me - 688,667,662, wife - 656,628,649 . these are today and will only go up as we near year end.
no collections, just some lates over 1 year old.
Downpayment - 15K
Looking at 300-325K home in Overland Park, Kansas.
Thanks



Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: Realistic Options...

You should be fine to choose whatever loan program you want except FHA, as FHA loan limits aren't that high in Johnson County.  If you don't have 3% or 5% down then I would just stick to 100% financing, putting 2.99% down or less wouldn't help out the terms any.
Frequent Contributor
steelfan
Posts: 473
Registered: ‎03-06-2007
0

Re: Realistic Options...



texhawk wrote:
I appreciate all the advice given and now have my own situation to offer up.
 
Looking at buying home in February as lease ends on the last day of month.  I would prefer to just go to BOA and keep things simple (30yr fixed) but will obviously shop.  Here is the raw data.  You tell me the options that I will have.
 
Income - me - 95Ksalary, 10K bonus, wife - 50k salary
Debt - 0 recurring, 8 payments left on auto at 500per.  1500 in student loans.  (both in my name only)
Retirement Balance - me -20k, wife - 60k.  ( I am now maxing out 401k so my take home is much lower than could be)
 
FICO - me - 688,667,662,  wife - 656,628,649  .  these are today and will only go up as we near year end.
no collections, just some lates over 1 year old.
 
Downpayment - 15K
 
Looking at 300-325K home in Overland Park, Kansas.
 
 
Thanks  


Try sending some gw letters on the lates.  All it would cost is the price of a stamp but if they honor them your scores will get better and will save you thousands once you get your mortgage

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