Approval Odds?

[Anonymous]

Longtime lurker here—
I am considering applying for a mortgage soon. My income is 50000 credit score 694 and 697 on 2 Experian and Equifax
My utilization is high 1500 balance on a 5k card
6300 balance on a 9k card, 2000 balance on an Amex charge card
0 balance on 1700 Amex
0 balance on 2000 Best Buy
0 balance on 1200 Firestone card
No lates on any credit cards
51000 in student loan debt. 359 per month payment
12000 car loan 455/month
Child support 209. (1 negative report on credit. Check was not garnished for 3 months for child support. Now rectified but shows up as a negative from March)
Interested in a duplex for 150-200k
Have downpayment gift if I need it. What are my odds? I’m really nervous about this

[Revelate]

Not an expert on all options especially on that child support negative but:

5000/12 = 4166 / month gross income.

You're going to have some minimum payments which might matter on those credit cards, sloppy math calling them $50 each for the two outstanding revolvers: $100 + 359 + 455 + 209 = 1123.

DTI FE Ratio = 27.0%

Handwaving 150k mortgage 15k down (gift maximum) 4.5% is something like 850 in total payments.

DTI BE Ratio = 47.4%; might be a bit high for conventional, gets worse at 200k, and if your listed credit report minimum payments are higher that's going to factor too.  Also missing closing costs in there.  Personally that seems a little tight to me though others have done it, but I'd really look hard at it TBH.

[Anonymous]

Thanks for the reply. Very nervous about it all. I am currently residing with a friend rent free, so I am going to use the next month of June to lower my utilization as much as possible.