Will I qualify for $230k mortgage?

[ywalters1]

Starting preapproval process next week and looking at a home that was just listed for $230k.  It is an excellent deal as all others in the neighborhood have sold for around $250-275k.  Therefore, I want to get preapproval and put in an offer as quickly as possible.  Hopeful that I qualify at this point.  Any input is appreciated!

1. Credit.  657(EX), 671(EQ), 7099(TU).  One charge off from GMAC for $2679 as of Dec 2007, one late car payment in Nov 2010. 
2. Income.  Gross $90,120/yr.  Additional bonuses are approximately $10-12k/yr and can be proven steady for last 5 years.
3. Source of income.  Salary, plus above mentioned bonus.
4. Monthly debt payments.  Car payment is $579.  Balances on 3 open credit cards are all $0.
5. Employment.  Same company for 6 years, 1 month.  Same industry for 14 years.
6. Assets/Reserves.  Approximately $16k in checking/savings.  Additional $2.4k in 401k (though I don’t plan to touch it.  Have drained it before, and will never do that again!)
7. Location.  Houston, Tx (property tax 3.14% in this area)
8. Property.  Single family.  Not chosen a house yet, but looking at one built in 2004.  Very good condition.
9. Value.  $230-230k.
10. Occupancy.  Primary residence
11. Transaction Type.  Purchase

[ywalters1]

Oops.  TU score is obviously 709, not 7099. 

[mai_faiko]

1. Location.  Houston, Tx (property tax 3.14% in this area)
2. Value.  $230-230k.

Insurance should be about $2,500 per year

Property Taxes should be about $7,000 - $7,500

If you put 5% down on 230k @ 30yrs and 4.5%APR you will have about an $1,100 payment

I would say, Yes.

[ShanetheMortgageMan]

You'd have better rates & lower PMI (if you opt for conventional) if you had a 680 mid score, but your scores are still OK where they are currently at, negatives are old enough for them not to have much impact. Debt ratio is pretty low, so no issues there.  I'd say chances should be pretty good.

[ywalters1]

Thanks, Shane! I did read that about the score/PMI elsewhere as well. Unfortunately, that score is just inching along a few points every few months, so I'm doubtful I'll get there in time. Good to know that majority of factors seem favorable enough though. Like most others, I think I'm just a bit intimidated by the whole process.