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Another "Will We Qualify" Thread

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Another "Will We Qualify" Thread

Hello all! 

 

A few things have happened in the last few days that have made my fiance and I think about buying a house very soon. First, her father has told us he would gift us $7,500 in lieu of paying for a wedding, if we used it on a mortgage. Also, it appears our current landlords don't want to continue renting the place we live, so we have to be out on March 1st. We weren't planning on buying so quickly, but it make a lot of sense rather than getting into another lease (which would be just as much or more than a mortgage payment). We are looking at getting an FHA loan

 

The problem is that I have good income but some credit issues, and she has excellent credit but she only works part time (details below). We don't care how the loan is arranged (me or her or me&her)

 

Besides the question on if we can get qualified, I'd also like to know where we should go to apply. Should we try to get preapproved even before looking for a house? Thanks in advance for all of your help. Here is our info:

 

  1. Credit.  When my credit was pulled three months ago to buy my car, I got: 634, 628, 621. I belive my credit has probably gone up since then. My fako score on CK is up to 649 (It was at 620 when I got my report pulled). My fiance's credit is good (in the 700s), but we haven't pulled it yet to verify. Now, here's the tricky thing. I have quite a lot of money in three credit card charge-offs from 2008. Close to $10,000. My most recent negative on my credit was from 2010 (a few 30-day late payments on a car). My credit is clean for the past 4 1/2 years.
  2. Income.  My income is $65,900, hers is about $25,000.
  3. Source of income.  I am a full-time W2 employee and have been at my current job for 6 years (almost 7). She is a part-time W2 employee and has been at her job for 3 years.
  4. Monthly debt payments.  I have a $330/mo car loan payment. She has a $240/mo car lease payment. She has $2000 in credit card debt, which she pays about $100/mo on.
  5. Employment (See Source of Income)
  6. Assets/Reserves.  We will have the gift money of $7,500 and about $2000 in savings. 
  7. Location.  Phoenix, AZ
  8. Property.  Haven't found a place, yet but a single family home. Looking at houses, not condos.
  9. Value.  Looking at places that range from $175,000 and $200,000
  10. Occupancy.  Primary residence
  11. Transaction Type.  Purchase
Message 1 of 3
2 REPLIES 2
Moderator Emerita

Re: Another "Will We Qualify" Thread

Get in touch with a Realtor right away - like tomorrow. It may take time for you to actually find a place. The Realtor will have lender contacts. Make sure the Realtor is experienced. Check with family and friends for a trusted Realtor. If you don't have one there - I do. PM me if you need a Realtor.

Message 2 of 3
Valued Member

Re: Another "Will We Qualify" Thread

Pull your credit report now before you speak with a lender. It will give you an idea of where you stand and what is on there. It is 2015 and you are due a free credit report at annualcreditreport.com. You can get 1 per yaer from all 3 CRA'S.

 

 

Message 3 of 3
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