Will we qualify with this?

Anonymous · ‎10-05-2015

Income: 105,000 annually

Debt: student loan $96/month

CC's/$285 month

Current cash on hand $80k

Wanting to stay in current house until new house is built

Monthly payment-1195

heloc-140

Current house will net us 100k minimum when sold

New house $583k

Will this work?

Anonymous · ‎10-05-2015

@Anonymous wrote:
Income: 105,000 annually
Debt: student loan $96/month
CC's/$285 month

Current cash on hand $80k

Wanting to stay in current house until new house is built
Monthly payment-1195
heloc-140

Current house will net us 100k minimum when sold

New house $583k

Will this work?

What is your credit like? Going conventional? How much do you plan on putting down on the new house?

Anonymous · ‎10-05-2015

Scores are 620 across the board for both of us. Targeting 190k for downpayment

Anonymous · ‎10-05-2015

Do you know what is holding your credit scores down? With that large of a downpayment, you will almost certainly want to go with a conventional loan. Conventional loans are very sensitive to credit scores, so it would be in your best interest to try and get your score to 680+. Do you have any high credit card balances or derogatory items?

Anonymous · ‎10-05-2015

We just recently paid down balances and were late 4 months ago on 2 cc's.

Anonymous · ‎10-05-2015

Being late within 12 months of a loan application isn't ideal. What are the balances on the student loans and what kind of payment plan are you on for them?

Anonymous · ‎10-05-2015

Yes I am aware it is less than ideal I have 4 student loans. 2 are not collecting anything yet. there balances are $3500 and $4000 the ones collecting are $2500 and $2800....

Anonymous · ‎10-05-2015

If your DTI is in good shape, your lender may use additional overlays since the late payment is recent. Since it isnt a mortgage/rent late, it won't hurt you as bad. Will you be using an FHA loan?