topic Re: Cain I qualify in Mortgage Loans

Cain I qualify

jwpezd — Mon, 04 Feb 2013 00:06:08 GMT

Okay here it is
My scores 672 TU 646 EQ 635 EX
Wife is 650 and up on all three.
No collections
No lates for right a year
69,800 combined income on w2
My wife has been at the same employer for three years
I had been with the same employer for six years but took a new job in August in the same field. I went from managing retail sales to a sakes role with a financial institution. I took one day off between jobs.
Our total debt is around 750 a month.
Looking at a home priced at 200k
Have enough Down for FHA
looking to get an FHA loan before rule changes

Re: Cain I qualify

Anonymous — Mon, 04 Feb 2013 00:28:03 GMT

Yep. Everything should go through just fine for the both of you. Good luck on your home search! :-)

Re: Cain I qualify

jwpezd — Mon, 04 Feb 2013 01:47:23 GMT

My job change won't have an impact??

Re: Cain I qualify

Anonymous — Mon, 04 Feb 2013 03:17:07 GMT

It shouldn't because you didn't change careers.

Re: Cain I qualify

Anonymous — Mon, 04 Feb 2013 14:58:03 GMT

Where did you get scores from?

Thats the first question. If they arent FICO scores you may or may not qualify. Rates have been increasing also, so the amount of home you want to purchase seems okay today, but may not be okay tomorrow.

Re: Cain I qualify

jwpezd — Mon, 04 Feb 2013 20:34:10 GMT

Both TU and EQ are from here. Experian is the crapshoot.

Re: Cain I qualify

Anonymous — Mon, 04 Feb 2013 20:40:14 GMT

Well you are good to go then based on you scores. Just realize the TU score from this site is different from what most lenders use. So your TU score could be slightly higher or lower. Mines ended up being 16 pts higher than myfico. :-)

Re: Cain I qualify

Anonymous — Mon, 04 Feb 2013 21:12:43 GMT

You should be good as mentioned. Good luck and start house shopping

Re: Cain I qualify

jwpezd — Tue, 05 Feb 2013 01:06:23 GMT

We are thinking about new construction. Any thoughts or ideas on that?

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 03:55:11 GMT

New construction, almost completed construction, doesnt matter. It is what makes you happy that matters, just make sure you qualify for the amount of the home you are looking at.

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 05:50:42 GMT

My only other addition is if you are looking at new construction that says $200k it won't really be $200k.

Re: Cain I qualify

jwpezd — Tue, 05 Feb 2013 14:17:33 GMT

Sorry it's an inventory home so it's listed at 199k as completed by builder. We thought about starting from zero but really like this inventory house.

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 16:15:10 GMT

If it is an inventory home, the price is as stated. We are buying a fully upgraded inventory home as well.

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 16:29:16 GMT

Go see a LO or Broker and get a pre-approval unless you want to use the builders Lender if they have one.

Some people benefit using builders Lender and some dont.

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 16:59:11 GMT

I received $15K in incentives for using the builder's lender. $10K for $8K in closing costs, which pays them in full and $5K of the price of the home. It could have been allocated differently. The experience just isn't as personal, similar to like going through a big Bank. It was a much more "all about you and your finances, family, life in general" atmosphere with a Broker. If you go through the Builder's lender, you will work with a LO and loan processor instead of a broker and LO.

Re: Cain I qualify

jwpezd — Tue, 05 Feb 2013 23:23:51 GMT

Dumb question can you negotiate price with new construction?

Re: Cain I qualify

Anonymous — Tue, 05 Feb 2013 23:28:52 GMT

You can negotiate price with any one. Does not mean they will accept your offer. But I am with you I negotiate everything. Even when at grocery store I always say cant you do better!!

Re: Cain I qualify

DallasLoanGuy — Tue, 05 Feb 2013 23:32:26 GMT

@jwpezd wrote:
Dumb question can you negotiate price with new construction?

yes. but you would likely need a realtor for that.

here is the deal: if you negotiate a better deal.... that deal is now a comparable sale.... so when you try negotiate your price, they are negotiating all future builds in that subdivision.

short answer... they are more likely to give you 'free' upgrades than negotiate on purchase price.