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Hi all, my BF and I want to buy a home on Florida's West Coast. We are looking in the Crystal River area. My scores are 688, 697, 702. Utilization was high on 2 cards last Month but that since has been paid. I think those numbers will go up a bit when those cards report again. His Credit Karma score is 739, but thats all I know for now.
I have been employed with same employer 10.5 years and Gross 50,000. He has been employed same employer 3 years and makes 40,000.
Our current home is paid in full. We want to buy a fixer upper and stay in currrent home for a couple of years while we work on the new one. We are looking in the 70,000 range.
Reserve funds are around 30,000;
ok, any thoughts if we will qualify? Where is the best place to start?
You should have no issues, but definitely wait until the lower util hits your report. Don't put any faith in your CK score. It means nothing. I would start with a CU or local lender first, see what they are willing to give. Big banks aren't as generous and often come with higher rates. Good luck.
...you shouldn't have any problem getting approved and its a buyers market there with lots of properties available in your price range ...but afaik you'll have to go conventional because its an investment property for you, not yet your primary residence
So you're gonna buy a house for 70k and fix it up in a 2 year project? How much are tawking about spending in the reno phase?
I only suggest not fixing up to a point where y'all have the most expensive house on the cheapest block. You want the opposite.
...hhhmmm ...my read was a bit different ...they are going to buy a home to fix-up and then move into it in two years ...if I'm going to live in it for a long time, I definitely want it to be the best I can afford to make it, irregardless of the neighborhood
Unless there is something you are not telling us, you will have absolutely no problem qualifying. If possible, I would try to get both of your mid scores to 720 and go conventional.
...start with a good realtor in the Crystal River area - tell her what you are looking for and ask for her referrals to a local lender she has had good success with in working with clients like you ...there are plenty of lenders that will work with your current credit but as dpeezy said, if you can bump it to 720 mid score for the lower of both your scores, you'll get the best rates ...but do note that you will probably pay a 1/4 point higher rate with any loan under 100k ...same paperwork for the lender but less profit so you pay a bit higher rate ...insist on a pre-approval, not just a pre-qual ...you want the lender to have taken a good look at all of your dirty laundry (if any) so there are no last minute "oops" when you think you're about to close ...it only takes a little longer for the preapproval ...once you have it, get back with your realtor and schedule some showings ...any good realtor will be able to put you on an automated listings e-mail or site that only shows you properties that fit your criteria ...it really cuts down on the time you spend looking ...and tell her you'd be interested in being a back-up buyers on any property that matches your criteria if the current sales contract falls through ...hth
StartingOver10 is in the Florida area...you should reach out to her to get referrals.
Wow! I thank everybody for the replies. We are planning on making the home nice, it will be where we stay forever so we want to take our time and do it right. Neither of us have any derogatories on our credit reports but we both have rather short aaoa's. I have a car loan, there are no other loans. I have several cards that are paid timely. He has one in his name and is au on 2 of mine. I can't think of anything else, we are pretty straight forward and live within our means. We went to Crystal River over the weekend to scope it out, love it! I will look online for realtors. Thanks again for the aadvice, I appreciate it
...as frugal has already mentioned, StartingOver10 is a major contributor here and an active realtor in Palm Beach county ...shes been quiet over the holidays but is usually a frequent visitor here ...she offered to help me find a quality realtor in that part of FL when I first started looking ...you might want to use the messaging system at the top right, right under the search button, to see if she can help you get off to a good start ...hth