Mortgage Loans

[texhawk]

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  

[Timothy]

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.

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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

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[ShanetheMortgageMan]

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.

[steelfan]

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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  

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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