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New Contributor
Posts: 63
Registered: ‎11-04-2013
0

Should I be doing something right now?

I'm lookin to purchase by June (current lease is up May 31st). I've been working to get my credit in order, Equifax score is 731. I'm saving monthly. I'm looking to go FHA and while I have no idea what I'll get approved for I've set a budget for $150k. My income is 60k. Min credit card payment is $28. Student loans are deferred until 2016. Only other debt is my car which is $248/month.

Basically I'm just waiting on my W2s to file my taxes and talk to a lender. I switched jobs in June so I'm waiting on two W2s. I already have an agent I'm going to work with. I'm hoping to file by mid February.

But should or could I be doing something while I wait? Or do I need to wait? I just want to be proactive but never been through this so not sure if I'm missing something. I'm in Ohio Btw.

Thanks Smiley Happy
Lender Pulled Scores(2/2014)

EQ: 750 (same a myFICO) EX: 707 TU: 728
Valued Contributor
Posts: 1,381
Registered: ‎07-29-2008
0

Re: Should I be doing something right now?

Sounds like ytou are in a holding pattern - it is too soon in my opinion to apply - wait a few months and when you are 3 months out start the process 

Shorter if homes are abundant in your area..... the biggest thing is pay everything on time

and save as much cash as possible

Your credit is fine - income solid job history sounds like it is good

so it is just a waiting game

 

Good Luck

Brian

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
New Contributor
Posts: 63
Registered: ‎11-04-2013
0

Re: Should I be doing something right now?

Thank you!
Lender Pulled Scores(2/2014)

EQ: 750 (same a myFICO) EX: 707 TU: 728
Highlighted
Super Contributor
Posts: 8,362
Registered: ‎09-28-2007
0

Re: Should I be doing something right now?

I'd recommend you get pre-approved no later than beginning of March, this will allow you plenty of time to shop around.  You never know, you may end up falling in love with a short sale property which usually takes 30-60 days to get a contract acceptance on.  If you have an alternative place to stay after your lease is up, or can extend it month-to-month, then you won't be under as much pressure... but to try and time making an offer/getting it accepted/closing to all coincide with the end of May can be pretty tough.

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