Wanting to buy, chances..?

[Anonymous]

Hello all!  First time poster, long time lurker.  I have recently got engaged and will be getting married in March.  I really would like to buy a house in the Dallas area and have a window of one year.  Below are my stats:

Gross Income :    50,000 yr

FICO:                  pulled today 707 , 677

Debt:                   $0

Collections:          1, back in 2006, for $330, fully paid in 2006

Lates:                  Last late payment was 3+ yrs ago

$$ Down              I've got about $10k for down pmt

Reserves             $5k in cash, roughly $30k in investments (401 & IRA)

Purchase Pric      In the 110K to 130k range.

Would like to qualify with my my info because my fiance just finished school and does not work, ie no income, but will be when she starts teaching.  

Thanks in advance for all the help, this is a great site.  

[Anonymous]

You shouldn't have any problem what so ever qualify for that amount.

I make the same income, have a $395 car payment and was pre-qualified for $180,000 assuming $4,500 taxes and $900 Insurance (in Austin, TX).

I didn't buy that much....but you get the picture....and didn't have the reserves you do.

Good Luck!  and Congrats!

[HanginInThere]

Honestly, if you owe out 0 according to your credit, and make 50k per year (or even 40k per year), you could easily qualify for 110k - 130k.

You have no student loans, car loans, or anything like that?

[Anonymous]

I just recently paid off my auto loan last month, which is reflected in my reports today.  I was fortunate enough not to have student loans.  I have zero credit card debt, but three cards, total of $6k in available credit

[Anonymous]

You have nothing to worry about I was approved to purchase a home for 150K. I live in San Antonio and have 1000 in debt including my husbands child support and make 50K a year. You'll be fine.

[DallasLoanGuy]

Based on the provided information, I see no reason why you can't fly right thru underwriting stress free.

[Anonymous]

Thanks for the responses.  I will be a first time homeowner and have no idea what to expect. 

Of course, thanks to this site and its members, I knew where to start researching.