can I qualify?

[sarvissa]

I am contemplating a cross country  move in the near future.  I live in Oregon, would be moving to Michigan, I am really close to landing a job there (I wouldn't move unless I actually got a job offer), same industry.   We had a rough couple years creditwise, but as of next month, it will be 12 months since there were any lates.  Hubby works a contract job overseas, he's been there 14 months, he can be there a max of 5 years.

I only have one Fico score for both of us, mine is 659 (was 666 until I paid a credit card OFF, then it lowered!), his is 670(EQ for both).  Although it probably doesn't make any difference, EQ is the lowest of the 3 FAKOS.  We used to own a house in Michigan, sold it in 2005, never late on any payments ever, would that help my "mortgage enhanced" score?  I believe I have 20 good tradelines, and 4 bad.  Hubby has 25 good and 3 or 4 bad.

My income in MI would be about 3500 a month, his overseas is 5100 a month.  We have about 9800 in debt, most of which will be paid off by November.  I have about 13k in savings and I add $1000 or more a month. 

We're looking in the range of 150k for a house, what are our chances of qualifying (preferably FHA)?  Since he is in a contract job, would it be better for me to try to qualify on my own, and if so, could I qualify for that much house on my income?

[DallasLoanGuy]

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sarvissa wrote:

I am contemplating a cross country  move in the near future.  I live in Oregon, would be moving to Michigan, I am really close to landing a job there (I wouldn't move unless I actually got a job offer), same industry.   We had a rough couple years creditwise, but as of next month, it will be 12 months since there were any lates.  Hubby works a contract job overseas, he's been there 14 months, he can be there a max of 5 years.

I only have one Fico score for both of us, mine is 659 (was 666 until I paid a credit card OFF, then it lowered!), his is 670(EQ for both).  Although it probably doesn't make any difference, EQ is the lowest of the 3 FAKOS.  We used to own a house in Michigan, sold it in 2005, never late on any payments ever, would that help my "mortgage enhanced" score?  I believe I have 20 good tradelines, and 4 bad.  Hubby has 25 good and 3 or 4 bad.

My income in MI would be about 3500 a month, his overseas is 5100 a month.  We have about 9800 in debt, most of which will be paid off by November.  I have about 13k in savings and I add $1000 or more a month. 

We're looking in the range of 150k for a house, what are our chances of qualifying (preferably FHA)?  Since he is in a contract job, would it be better for me to try to qualify on my own, and if so, could I qualify for that much house on my income?

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last deal i did up there... taxes were on the high side. and without looking anthing up, i would say that your pmt on $150K would be $1400 or so.

that is a little much or just your income.

does he have a history of this type of work?

can you better explain his job for the last two yrs?

[sarvissa]

Taxes on the house I want to look at were $1050 for 2007.  They are asking 159,900 for it, but Zillow and the county assessors put it at 135, and it's been for sale for several months.  It's in the township.  Even if I didn't get that house, I would look at similarly priced, in the same township. 

Hubby is an international police officer, stationed in Kosovo.  Prior to that, he was an investigator for the Department of Human Services for a year and a half, prior to that he was a State Trooper for 11 years.

[DallasLoanGuy]

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sarvissa wrote:

Taxes on the house I want to look at were $1050 for 2007. make sure that is right. maybe the owner gets a tax break. that is way low for what i was thinking. They are asking 159,900 for it, but Zillowworthless and the county assessors is the market declining? tax assessor should be a little low in a healthy market put it at 135, and it's been for sale for several months.  It's in the township.  Even if I didn't get that house, I would look at similarly priced, in the same township. 

Hubby is an international police officer, stationed in Kosovo.  Prior to that, he was an investigator for the Department of Human Services for a year and a half, prior to that he was a State Trooper for 11 years.

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i am not that concerned with his job. unless there were big gaps between....

i think you are in pretty good shape.

[sarvissa]

Thanks!  There are no gaps in his employment at all.

Yes, it's a declining market, it's Michigan, nothing's selling.  Taxes do seem a bit low, but the current owners have owned the house for over 30 years, and in Michigan, property taxes can only go up so much per year.  It gets reset when the house sells.  It's current taxable value is 41,000.   If it sells for 150,000, it will reset to a taxable value of 75,000.  Like I said, it's in the township, and township taxes are generally much less than city taxes.  My sister (who lives in same township) said they have the lowest property taxes in the county.  If I get that job, and if I like that house in person, I will probably offer 130,000 for it.