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I have posted for a couple of months now, finally getting ready to apply in early April so here is my post.
Mid score (mortgage score listed here) will be at least 663 for me. 1 collection and 1 chargeoff on credit report, both over two years old and paid in full. 1 30 day late is all that is showing in the past two years, credit was poor before that. Wifes credit is in the 720s with no problems.
Income combined of 57,000 a year. Both at current employers for 7 plus years.
We each have 1 card active with 3% utilization each and minimal monthly payment, 1 intsallment loan with 6600 remaining monthly payment of 281. That is our debt.
Home price will be 215,000 with 45,000 gift of equity from her parents, mortgage of 170,000. Appraisal should not be an issue as home should appraise for more than that.
First time homebuyers and just finding our way through all this. Any thoughts on what we should be expecting?
as long as the late is over 12 months old, i don't see any issues. since your downpayment is being gifted, you may want to pay close attention to whether there are increased score requirements. some programs require a higher credit score when downpayment is gifted.
do you already have the funds in your account for over 2-3 months? if so, they funds will probably not be considered a gift.
good luck!
It will be a gift of equity, as I understand it that is just done by a letter no actual money transferred. If I am not correct on this let me know. Will we be looking at FHA or conventional?
Most recent late is almost 2 years old 05/2013.
not sure how the gift of equity works, but you can research the gift requirements for fannie mae at their website. it's under the 'sellers guide'. there's probably a lot of information regarding gift of equity on fha's site also.
So close, checked TU score available now and my midscore now is 678. Wish it were two points higher. I am guessing 678 isn't much better than 663 I had before. I am assuming I would have to make it to 680 before it helps much.