My husband and I are looking to purchase our first house in the next several months, do you think we would qualify?
Household income - $105,000 per year; $55,000 for me and $50,000 for husband
utilization - 10% - This will show lower next month, as I have paid it down a little and the January statement has not cut yet
We have 20% to put down and will have about $10,000 in reserves after we pay closing costs
My husband filed BK7 for himself only and it was discharged in May 2010. So it has been 1 year and 7 months. He filed because he lost his job and was unemployed for about a year. We were not able to pay some debt that was in his name only that he obtained before we were married. I was only making $26,000 at the time.
Here are our Fico scores from My Fico: me TU 653 & EQ 644, husband TU 677 & EQ 684
Clean credit history for the last 1 year 7 month for both of us.
Our debt is $523 per month for two car loans. I only use my credit cards to keep them active so they do not get closed and to keep a small utilization on one of them with the rest at $0; at any given time, the most we owe per the statement is $100.
We would like to do a conventional loan since I have been told that with FHA, even with 20% down, PMI insurance is still required. We are looking at houses around $230,000 and know that we can afford this amount. We keep our monthly expenses low by not having cable, keeping eating out at a minimum, only having one cell phone at $37 per month, etc.
What do you all think?
