Will we get approved and what can we do to improve our situation?

[Anonymous]

So my wife and I sold our apartment in Hoboken, NJ a few months ago as we had a child. We are looking to be in a new home within 18 months time. We are looking to purchase in the Dutchess County, NY area. 1)Credit: we have no credit card debt. My fico is 781 my wife's is 757. We've never been late on payments etc. We just paid down some large balances from living beyond our means in the city. 2)Gross Income: $171,000K a year. 3)Employment. I've been a teacher in the same district for 10 year my wife has had her position for the past 5 years. 4)Monthly Debt Payments: Cars: $875(hoping to pay off one car bringing our car payments to $575) Student loans for both of us: $550 Personal Loan: $375 Differed annuity loan: $300 5) Assets: $18k in one retirement fund. $31K in differed annuity 6). We're looking for a home in the $300k-$450k region right. 7). We currently rent at $2K a month. We're in no rush just trying to get all of our ducks in a row.

[Anonymous]

Forgot to mention we have about $95k saved up as well.

[webhopper]

You should have no problems getting a conventional mortgage. With the amount of house you want to purchase paying off the car will help your dti ratio. Why wait 18 months?

[Anonymous]

Thank you for your reply. We have a lease until June and really like the apartment. We just had a baby to so we thought we'd take it slow and just enjoy her.

My big thing is we are new to the area and really need to investigate where exactly we want to live.

Thank you again!

[webhopper]

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@Anonymous wrote:
Thank you for your reply. We have a lease until June and really like the apartment. We just had a baby to so we thought we'd take it slow and just enjoy her.

My big thing is we are new to the area and really need to investigate where exactly we want to live.

Thank you again!

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Great reasons for waiting! I moved to Tulsa in 2006 and I also waited 2 yrs before buying... I liked the apartment I was in and also wanted to make sure that I was making a good choice as far as neighborhoods.