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What Could I Qualify For?

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queen_britt2003
Contributor

What Could I Qualify For?

Annual Gross Income: 38563.20

 

Monthly Debts:

 

Student Loans - 108.64

Walmart Card - min $25 & balance 400 on 1100 cl limit (I usually pay $50-75/mon)

No car loans, other CC has a zero balance (500 limit)

 

Scores in signature

 

Looking at FHA - I qualify for a local downpayment assistance program and will get between 5000-10K.

Starting Scores (2012) - 545-600
Current Scores - FAKO CK (08.15.17) - TU 774, EQ 767
What's in My Wallet: CSP 10.9K CL, Walmart MasterCard 10,000, Discover IT Card CL 9000, BOA Cash Rewards 7500 CL, Tires Plus Card 2200, Discover Card (AU) CL 4000
(Gardening as of 8/15/17)

Message 1 of 5
4 REPLIES 4
queen_britt2003
Contributor

Re: What Could I Qualify For?

I'd like to keep my payment between 900-950 if possible.

Starting Scores (2012) - 545-600
Current Scores - FAKO CK (08.15.17) - TU 774, EQ 767
What's in My Wallet: CSP 10.9K CL, Walmart MasterCard 10,000, Discover IT Card CL 9000, BOA Cash Rewards 7500 CL, Tires Plus Card 2200, Discover Card (AU) CL 4000
(Gardening as of 8/15/17)

Message 2 of 5
ShanetheMortgageMan
Super Contributor

Re: What Could I Qualify For?

For that total monthly payment you'd probably looking at about $125k sales price, but your debt ratio could qualify for higer than that ($175k-180k).

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 3 of 5
queen_britt2003
Contributor

Re: What Could I Qualify For?

Thanks!  Question, the income I provided is from my full-time position (on the job for 3 years).  I have a part-time position but I've been working it for 3 months.  Would this income need to be disclosed in the app process?

Starting Scores (2012) - 545-600
Current Scores - FAKO CK (08.15.17) - TU 774, EQ 767
What's in My Wallet: CSP 10.9K CL, Walmart MasterCard 10,000, Discover IT Card CL 9000, BOA Cash Rewards 7500 CL, Tires Plus Card 2200, Discover Card (AU) CL 4000
(Gardening as of 8/15/17)

Message 4 of 5
ShanetheMortgageMan
Super Contributor

Re: What Could I Qualify For?

If you don't need it to qualify then you don't need to disclose it.  However you do need to disclose that you are employed by them, as the underwriter will probably question your bank statement deposits from the income from that employment.  Copies of the paytubs matching up to the deposited amount would satisfy their curiousity.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 5
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