Hi everyone. I wanted to lay out my situation and am eager to hear any words of wisdom from all the experance that I've seen on this forum. My work has decided to relocate me. I'm currently in a rental home and I don't want to move more then once, and I don't want to rent agian. This came on suddenly and I've very reciently bought a truck and a motorcycle that I wouldn't have done if I knew I was going for a mortage. This leaves me with a small amount of cash on hand for a down payment. My finances are as follows:
Middle FICO mortgage pulled today of 710. My salary is 128,000 / yr. My three loans currently total 2,000 a month. After all the cash I put down on the truck and the bike, I have around $10,000 for a down payment. I know I'll have to increase that number. My posted credit card debt is around 3%. I'm looking at a home in the $400,000 range.
I also have aditional income that I'm unsure if it will factor in. I get per diem of $190 a day 7 days a week as long as there are no holidays or vacation. It roughly adds up to $60,000 a year. I also get reimburced for the truck I just bought through the IRS's FAVR program. That adds up to around $1200 a month and covers the truck payment. If I use all this, it adds 74400 to my income that is tax free. This would total to over $200,000 and that doesn't count my bonus that I don't factor in because it's not guarenteed.
So my questions are as follows:
What might I get approved for?
How will the new truck and bike affect my mortgage?
Should I move forward with a pre-approval? Or should I save for a year and come in with a larger down payment?
If I move forward can you recomend anybody to help with this process?
Thank you for your time, this process has my head spinning.
