Likelihood at approval for Conventional Loan

[Anonymous]

Hello All-

My wife and I are looking to buy our first home, and I'm hoping to get some input on our approval odds for a home. Details below: 

Total income: $170k

My middle mortgage credit score: 688

Her middle mortgage score: 740

NFCU CC: 9,000/24000 limit

Chase Bank CC: 1,400/3000 limit

Car Payment 1: $350 a month

Car Payment 2: $250 a month 

Student Loans: 21k w/ $350 a month payment

2 late CC payments on a closed card 5 years ago

1 collection from T-mobile over 2 years ago

Hoping to do a conventional loan w/ 3.5% down, for a house under 500k. 

Let me know if any other details are needed! 

[NC_Mtg_Loaner]

looks pretty good.....

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

Congrats.

[Anonymous]

Awesome! Actually just spoke to our hopeful lender, and he suggested we actually utilize an FHA loan for the first few years and then refinance later on. This will allow us to use a 3.5% downpayment with a better rate hopefully. 

[JVille]

Is the T Mobile collection paid??? If not negotiate a Pay for Delete. If they won’t do that then pay it off. It’s holding back your scores.

[JVille]

Make sure you know the Max FHA limit in the county you are buying in.

[Anonymous]

T-Mobile is paid off, has been for over 2 years now. 

[Anonymous]

@JVille wrote:

Make sure you know the Max FHA limit in the county you are buying in.

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Ha it's Northern Virginia, so the FHA limit is over 750k for where we're looking. 

[CreditInspired]

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@NC_Mtg_Loaner wrote:

looks pretty good.....

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

Congrats.

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OP, do you happen to be a NFCU member?

[Anonymous]

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@CreditInspired wrote:

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@NC_Mtg_Loaner wrote:

looks pretty good.....

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

Congrats.

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Do you happen to be a NFCU member?

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My wife and I are both NFCU members, but neither are Veterans (family access). 

[CreditInspired]

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@Anonymous wrote:

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@CreditInspired wrote:

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@NC_Mtg_Loaner wrote:

looks pretty good.....

although I will point out that you're likely going to need 5% for a down payment on a conventional loan UNLESS the property you are purchasing is in a geo-coded area that makes it eligible for a 3% down FNMA Home Ready or FHLMC Home Possible mortgage loan.

YOu can go to FNMA's or Freddie Mac's website to confirm there anyhow.

Congrats.

---

Do you happen to be a NFCU member?

---

My wife and I are both NFCU members, but neither are Veterans (family access). 

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WooHoo!!!!!! You're a member. That's all that is needed to take advantage of their awesome benefits. Go to their product homepage and check out their mortgages. They offer 0% down conventional loans. I know because that's how I financed my home. Also, take advantage of realty referral program. It's a nice cash back after closing on your home.