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First Mortgage - Will I qualify and for how much?

Regular Contributor

First Mortgage - Will I qualify and for how much?

I've been working on cleaning up my credit before even thinking about buying a home.  I'm wondering if I can start thinking about it or if I should keep working on my scores for a while longer.  Below is my info...looking for info as to what rates I would qualify for, what amount I could possibly be pre-approved for and any other advice would be appreciated.


Credit Scores from MyFico:  EX-674, EQ-685, TU-647  (I have paid down all my cc, but waiting for them to update and hoping that brings my scores back up above 700)

I have one CO with HSBC with $0 balance from 2009.  I have one public record from 2010 that is paid.  My AAoA is 15 months.  I've made 100% of all payments on time for past 4 or 5 years.  I am an AU on a walmart discover card that is old so without it my AAoA would be worse I imagine.


My income is 55K gross and I've been at same job for 3 years and at previous job for 3 years also.  I have 25K saved up for down payment and all other home buy related expenses.  I have a 401K with 10K, but would rather not touch that.  I'm not sure what my DTI is, but all I have is car loan at $440/month and credit cards that I generally try to PIF, but usually do leave a balance on some of them.


Location is Columbia County, FL and this is for first home...single family.


I know if I wait another 2 or 3 months, my scores should go up above 700...or at least close to it, but not sure that really makes a difference at this point. 


Let me know if I should provide any other information and thanks for any responses.



Message 1 of 3
Super Contributor

Re: First Mortgage - Will I qualify and for how much?

You should probably be fine looking for single family houses up to $200k assuming you have a 5% down payment.  I'd definitely wait for your scores to update before you have a loan officer check them (680 is a pretty important level), as the higher the scores you have the better interest rates you could qualify for and if going conventional then PMI will be cheaper as well.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial Multifamily) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage
Message 2 of 3
Regular Contributor

Re: First Mortgage - Will I qualify and for how much?

Thanks for the reply.  Not all my credit cards have posted updated balances.  I recently paid them all down to zero except one...trying to leave tiny balance on one of them.  Once everything updates, my scores should be back up.

Message 3 of 3