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Member
abetterlife
Posts: 9
Registered: ‎02-22-2012

Would I qualify for a mortgage? Information included.

Credit:  679 My Fico score

            1 credit card account closed – last 90 day late Jan ‘08

            1 collection acct = Paid in Full - $100   medical bill Paid Nov 07

            All other credit card accts are either Paid in Full or below 10% utilization – No lates

Income:  $54,500 annual income

Source of Income:   Employment

Monthly Debt Payments:  Student Loans  $142.00, Car $390, Personal Loan:  $289

Employment:  Full-time employee

Assets/Reserves:  45,000 (401K and savings)

Location:  Gaston County, North Carolina

Property:  Single Family Brick Ranch

Value:  175,000 – 200,000

Occupancy:  Primary Residence

Transaction Type:  Purchase

New Contributor
hopefulKT
Posts: 74
Registered: ‎06-11-2012

Re: Would I qualify for a mortgage? Information included.

Based on the info you provided; I don't see any reason why you would be denied. 

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home :smileyhappy:
Regular Contributor
YHWHUDAH
Posts: 188
Registered: ‎10-03-2011

Re: Would I qualify for a mortgage? Information included.

Yes you do. However, you need to check your middle xredit score. Lenders use the middle credit score and not the highest or lowest of the three.

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Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Regular Contributor
nois
Posts: 120
Registered: ‎07-14-2009

Re: Would I qualify for a mortgage? Information included.

You might want to calculate your back-end DTI ratio by estimating the PITI payments plus the monthly obligations you listed. A lot of lenders want this DTI below 36% unless there are compensating factors.


FEB 2014 EQ: 798 EX: 780 TU: 798
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Would I qualify for a mortgage? Information included.

I agree that you should work with a lender and find your ratios to make sure you won't be hitting it too close.

FHA is more lenient with ratios, and your 401k is a strong compensating factor.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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New Contributor
hopefulKT
Posts: 74
Registered: ‎06-11-2012

Re: Would I qualify for a mortgage? Information included.

I don't know if the home you are looking at is in a USDA eligible area; but if it is, and you don't exceed the income limits, you should look into a USDA Guaranteed loan. They allow a higher total debt ratio (41%). Here's the eligibility site: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

Starting Score: EQ 559 (June12)
TU 651 (spouse) (June12)
November12 score (Equifax myfico):
Me: 646
Spouse: 691
Getting ready to close on our first home :smileyhappy:
Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

Re: Would I qualify for a mortgage? Information included.

Im doing FHA and our ratio is over 50 percent.

Member
abetterlife
Posts: 9
Registered: ‎02-22-2012

Re: Would I qualify for a mortgage? Information included.

Thank you all for the great information and advice.   I will definitely check into the FHA and the USDA programs.  These forums are great and the contributors are always very helpful!

Established Contributor
thankfulheart
Posts: 619
Registered: ‎09-26-2011

Re: Would I qualify for a mortgage? Information included.


tooleman694 wrote:

Im doing FHA and our ratio is over 50 percent.


+1 My broker was willing to go to 55% back end with FHA, but I wound up coming in right at 50%. I had strong compensating factors as well, including income from other sources that couldn't be counted (not court-ordered).
Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Frequent Contributor
MrChairman
Posts: 456
Registered: ‎02-07-2010

Re: Would I qualify for a mortgage? Information included.

I'm doing VA and my DTI is around 51-52%.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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