Hello everyone , I am new here so I have a few questions about buying a home for a first time basically if my scores are strong enough to get approved or have to get them higher My fico 8 credit scores are Equifax (807) , Transunion (794) , Experian (798) , and my fico scores 25,4, and 2 are Equifax (781) , Transunion (759) , Experian (782) , and on top of that I have 2 auto loans financed right now as well ones 30k & the other 34k still , so pretty much what are my approval oddds? Also had my only credit card at 8,200 of 26,900 credit limit but I paid it off last week so that is at 0 & my only credit card.
Since this is your only CC, please put a charge of at least $10 on there and let it report. You will lose some points by letting it report a $0 balance.
Hey, welcome to the forums. If you really want to buy in the next 2 years, you've gotta get serious about your spending. Those car notes are killing you!
1) Pull your 3B and your wife's. You need your actual mortgage credit scores. ; BUT
2)Your wife's scores need to be passable--650+ probably because they are going to need both incomes to qualify you for a property. If her scores aren't great, you'll need to go to the Rebuilding Forum and look for some good ways to clean her credit up. If hers are over 650 and her income is nice, you could probably find a nice downpayment assistance program and a decent loan program (See the NACA threads for info) to buy within a reasonably short period; and
3) With the $25K down is that savings or from a retirement fund or other source? If it's savings, you may want to consider paying your carnotes down/off or refinancing them to lower the payments--don't really recommend, but if you MUST have them. Honestly, if they're luxury, I'd trade them for a more practical piece. Your income doesn't really support that type of expenditure AND a house. Get rid of the car notes. Pay them off/down or trade for lesser expensive cars. Houses are a lot of maintenance. You don't need a car with a big doctor bills too.
Your Debt to Income ratio might be too high. 43 percent max is all most will go for and many, not even that high.
Google it and do the math on what yours is.
Bakersfield has good deals still. lol
Or even better the Frazier Park area in the mnts betweenValencia and Bakersfield. (they get snow)
25k is more then most have so that helps.