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Wanting to Buy a house this year

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Anonymous
Not applicable

Wanting to Buy a house this year

I am wanting advice on buying a home this year. My scores on here are eq 657, esp 667, trans 676

I make $70,337.00 per year.  I have no car payment. I will have a  monthly student loan payment of $168 that will start April 1st.  

 

I just paid off a judgement on my credit report from 7 years ago, in my state judgements remain for 10 years.  

 

I do have about 2-3 charge offs from credit cards from 2+ years ago and two 30 day late pays on my car before I paid it off 2 years ago.

 I have 8 credit cards with combined limits of a little over $13,000.00. My  credit card utilization is currently 5%.  

 

I have $4000 for a down payment and will have $2000 more in 3 months.

 My lease on my townhouse ends in July so I would like to start getting pre-approval now.

 

 

Message 1 of 5
4 REPLIES 4
StartingOver10
Moderator Emerita

Re: Wanting to Buy a house this year


@Anonymous wrote:

I am wanting advice on buying a home this year. My scores on here are eq 657, esp 667, trans 676

I make $70,337.00 per year.  I have no car payment. I will have a  monthly student loan payment of $168 that will start April 1st.  

 

I just paid off a judgement on my credit report from 7 years ago, in my state judgements remain for 10 years.  

 

I do have about 2-3 charge offs from credit cards from 2+ years ago and two 30 day late pays on my car before I paid it off 2 years ago.

 I have 8 credit cards with combined limits of a little over $13,000.00. My  credit card utilization is currently 5%.  

 

I have $4000 for a down payment and will have $2000 more in 3 months.

 My lease on my townhouse ends in July so I would like to start getting pre-approval now.

 

 


Welcome to MyFICO! Smiley Happy

 

Are those your FICO mortgage scores or your FICO 8s?  If those are your mortgage scores then you are in good shape to apply for an FHA loan score-wise.

 

Here is a little bit of info on FICO scores for you to review: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

 

We don't have enough information about the rest of the purchase to help you.  One of the main items for approval is your DTI ratios,  These ratios include the monthly carrying costs for the home you are buying.  What is your projected purchase price (goal) and monthly payment including principal, interest, property taxes, homeowners insurance, mortgage insurance and HOA if applicable?

Message 2 of 5
Anonymous
Not applicable

Re: Wanting to Buy a house this year

Those were fico 8.  My mortgage score was 701,  So many different scores! 

Message 3 of 5
StartingOver10
Moderator Emerita

Re: Wanting to Buy a house this year

Excellent!  How much home are you looking to purchase (approx price)?

Message 4 of 5
Anonymous
Not applicable

Re: Wanting to Buy a house this year

$150,000 to $170,000 range.  I prefer to stay under $200,000.  

Message 5 of 5
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