@Anonymous wrote:
I wanted to check my mortgage preparedness progress.
I have a current income of 38360 plus 600/month in child support received.
I had 11k in 1099 income in 2018 and 7k in additional 1099 income in 2020 and have not had any new 1099 income in 2020.
My main expenses outside of rent/utilities are 25$/month for a self lender loan to show a good credit mix and 120$/month in credit cards that in includes collection/charge off cards as well my only card left. Payment plan with capital one that wanted to sue. No car payment.
Am I ready yet? What are my odds?
Thank you
I wanted to know what is the income needed to qualify for a 350,000$ townhome and if I add my dad as a non occupant co-borrower that has an income of 42,000$ would that better my chances?
My regular Fico and my dad's vary from 620-660. Would like to use a first time home buyer downpayment assistance program if those are stil available.
Having your Mortgage scores (Fico 2, 4, 5) would help. They are likely lower than your fico 8 but taking the mediam of your self reported Fico 8 scores, you are sitting at 640. so your profile would look something like this:
With a 640 score you are looking at like 4% - 4.5% rate. on 190k that is like 970 a month on a 30 year fixed.
Salary of 50K. Rule of thumb is you can afford 3 to 4X your salary for a mortgage. So thats $190,000 high end (after putting 5%/$10,000 down).
Your self reported DTI looks good at 50K salary and 145/mo. thats like 3%. You would be at 27% with a $1000 mortgage factored in. that still good and below the 30-35% lenders want to see.
Unfortunetly, I dont see how you could swing a 350,000 mortgage at your current salary/credit score. Having your father as a co-applicant may or may not help. if he has his own mortgage, his salary may negatively effect your DTI. if his mortgage scores are lower than yours is going to effect the score the lender users. if he has collection on his credit report, that will hurt.
if he has as good/better credit score and no rent/mortgage it might help you qualify for more. at a combined 90K salary you may qualify for 250-350k depending on down payment, but unless he is going to help you make the payments, im not sure you could afford it.
Your mortgage payment would probably be like $1750 after taxes, HO insurance and maybe more with PMI.
After taxes your 50K in salary/1099/CS is i assume about 40,000. Thats 3300 a month take home. more than half your salary going to mortgage costs. thats on the risky end
