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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!
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.
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.
T-Mobile is paid off, has been for over 2 years now.
@JVille wrote:
Make sure you know the Max FHA limit in the county you are buying in.
Ha it's Northern Virginia, so the FHA limit is over 750k for where we're looking.
@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.
OP, do you happen to be a NFCU member?
@CreditInspired wrote:
@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).
@Anonymous wrote:
@CreditInspired wrote:
@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).
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.