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My wife and I are looking to buy a home when are lease is up in March using a VA home loan. We are both first time home buyers.
Our mortgage scores-
Mine: ~730 currently, trending upward
Her's: 760+
Employment:
Mine: USDA (Federal) $37k/year Will only have 1 year employment history at application time. This is my main concern, though one year is past probationary period for federal employees. My prior employment history was rocky due to 5 deployments.
Mine: MO Army National Guard: E6 ~ $9k/year been there 11 years
Mine: 10% VA Disability
Hers: High school teacher: 2 years $32k/year
Debt:
Mine: Will have 12k left on 2016 prius
48k in student loans that the Natinoal Guard is contracted to pay off
Hers: Will have 12k left on car
Student loans: 10k
The house:
State: MO
Price: 170k
Any feedback is appreciated. I'm thinking my wife's great scores coupled with her stable employment should be pretty sufficient.
@dragontears wrote:
Instead of listing the balance of your debts (i.e. cars) you need to list the monthly payments so people can help figure out if your DTI is ok
My car payment = $398 a month. (I pay $500)
My student loans = ~$42000 deferred and under contract with the military for payment. (not sure how that may affect DTI)
Her car payment = $344 a month
Her student loans = $100 a month
No other monthly expenses or debt