I posted this about 4 months ago and I got some very good advice from here. Now there have been some changes to my profile (higher credit limit and more cash). Here is my profile:
Credit: EQ 750 (FICO), EX 756 (Auto lender), TU 742 (Auto lender) (As at December 2011, they should have gone up some points now, since there has been nothing negative added to credit report)
Credit Cards: Chase 0% utilization / $2000 limit, Chase 0% utilization / $1300 limit, Cap1 0% Utilization/$1500 limit, Discover 1%/$3500, Amazon 0%/$2200
Auto: $13000 (Credit Union)
Student loans: Citi $1100, Access $27000
No late payments exist on CCs or Loans
Negs (Maybe): Car loan refinance 6 months ago with a couple inquiries. Credit history is 3 years 6 months old with an average age of 2 years and 4 months.
Income: $75000 gross from salary.
Monthly debt payments: $330 Auto loan. $242 Student loan, $50 - total $622. Usually pay off credit cards monthly
Employment: Employed full time for 1 year and 8 months. Work in Business development. Before that I was enrolled full time in a Masters Degree program
Assets: $9000 Savinigs, $6000 Stocks (I plan to liquidate this once i start applying for mortgages)
Location: Denver, CO
Value: $100k to $130k
I'm hoping to purchase sometime this month or next month. I've looked at a couple of condos i like but I can't schedule visits to some of them until I get pre-approval. I am in the US on an H1B visa with a Green Card application in the works. I believe that can take at least a year to complete
What do you folks advice? Can I discuss my situation with lenders without them running my credit? I don't want them to run a credit report and then deny me after they put some inquiries in my report.
Yes you can discuss the mortgage proposal without a credit report being pulled. Most reputable brokers/lenders are happy to pre-qualify you prior to running any credit checks. Mortgage people are not car people!
I would just clarify if the residency status is a problem or not. Otherwise you are more than OK to qualify for pretty much whatever program you want.
Alright, thanks a lot guys. Meeting with a lender tomorow, then a realtor on friday. Wish me luck!