Just starting this journey. So any help that can be offered will be appreciated. I know absolute nothing about buying a home.
Credit scores are right at 700 for all three cra's
I plan on paying off the raptor and the kawasaki card before applying for the house all that will remain is the car payment.
Just wanting to head in the right direction and figured starting here 6-8 months out would be best.
Loan IM looking for is about 200k. I make 35k a year wife about 20 but she wont be on the loan
INSTALLMENTS
student loan 3400.00 paid as agreed no lates all opened 04/2010
student loan 6200.00 paid as agreed no lates
student loan 2700.00 paid as agreed no lates
student loan 3800.00 paid as agreed no lates
DODGE DART 27265.00
GE CAPITAL/YAMAHA 6350.00 raptor
CURRENT UTILIZATION 7/10/13 21% 9/08/13 2% 11/25/13 24%
CAP ONE 0 / 2000 24.9 APR
WALMART 3 / 1500 22.9 APR
FREEDOM 0 / 1000 0 APR TILL JAN 2014 THEN 23.24
CITI 0 / 1200 0 APR TILL APRIL 2014 THEN 20.99
DISCOVER 0 / 2000 0 APR TILL FEB 2015 THEN 20.99
BESTBUY RZ 0 / 2200 0 APR TILL JUNE 2014 THEN 25.99
AMEX BCE 0 / 6000 0 APR TILL JULY 2015 THEN 23.99
KAWASAKI GTC 7147 / 13200 14.99APR 175.00 A MONTH 59 MONTHS LEFT 2013 KX450f
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7147 / 29600 24% util
NEGATIVES
NONE
Starting Score: TU 583, EX 683, EQ 653
A 200K loan on a 35K income will be rough, even with no other payments. That's roughtly $2900/mo. Using 43% DTI, your max debts (including new mortgage, taxes, etc) would be $1250.
I'm guessing the car payment on a 27K car loan comes with a payment of at least $450/mo, and at least another $100 for student loans.
So $1250-550= $700/mo remaining for a mortgage, taxes, insurance, hoa. You are probably closer to a mortgage of $100K, if that.
An old "safe" rule of thumb used to be a loan that is 2.5-3X yearly income. 35K would have a range of 88K-105K. For $200K loan, a 70K income would be in the safer range...
Starting Score: 668