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Hey All. My future wife and I are on the hunt for a house in Nassau County Long Island as first time buyers. Below is a run down of our info. Anyone see any issues with us getting a mortgage?
Credit - My scores are TU 708 / EQ 737. Her scores are likely higher, so they willl use my FICO scorse listed. Never have a lender pull so not sure of Experian FICO
EDIT: Forgot to mention I went 90 days late on a student Loan in December 2005. This is the only negative on my credit report. I am an idiot.
Income - 150k in total base salaries; legit W2 reported wages. We both can pick up an extra 2-5k a year in bonuses or OT, but not really important for this scenario I suppose.
Debt Payments - I have 1k in credit card debt from Holidays/Honeymoon booking. This will be gone by mid Jan 2012, so effectively Zero debt. No car payments etc.
Employment - She is a tenured Teacher of 6 years. I have been working at an ad agency for 4+ years
Assets - Total 95k currently in Cash, plus I have 12k in stocks/401k for reserves
Location - Nassau Country Long Island
Property - SIngle Family Residence
Value - I am thinking 450k is about as high as we should go. Anyone have any opinions on how much we should spend a month on mortgage+taxes+insurance etc
Occupancy - Primary Residence
Transaction - First Time buyers, 30yr mortgage
Any advice/opions would be greatly appreciated. I plan on going to a loan officer by end of January. We are getting married end of July and I would like to be in a home by then.
Thanks!
anyone have any idea?
To me, it looks like you would be an easy file to approve. Only one baddie and it's 6 years old, good tenure at jobs, and plenty of money to put down and for reserves. Good luck!
Hi. I can't see any problems. The good news for you is New York only allows neg info to be reported for 5 years, not 7, so you should easily get the student loan late removed.
Good Luck!
@Booner72 wrote:Hi. I can't see any problems. The good news for you is New York only allows neg info to be reported for 5 years, not 7, so you should easily get the student loan late removed.
Good Luck!
The 5 year limit is only for paid collections and charge offs. Also satisfied judgments. Here is part of the New York State FCRA:
(f) (1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of information.
(i) bankruptcies which, from date of adjudication of the most recent bankruptcy, antedate the report by more than fourteen years;
(ii) judgements which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period; or judgments which, from date of entry, having been satisfied within a five year period from such entry date, shall be removed from the report five years after such entry date;
(iii) paid tax liens which, from date of payment, antedate the report by more than seven years or, a paid, satisfied or vacated tax lien involving a purchaser, transferee or assignee in a bulk sale transaction who has been deemed liable by the state tax commission for sales taxes due from a seller, transferrer or assignor under subdivision (c)of section eleven hundred forty-one of the tax law, where the receipt by a credit reporting agency from such purchaser, transferee or assignee of a notice, or true copy thereof, from the state tax commission to such purchaser, transferee or assignee that his liability has been wholly paid or satisfied or no longer exists, antedates the report by more than thirty days;
(iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years.
Oh crap, Sorry OP!
MV - I'm keeping a bookmark of this post so I have it for future reference. Thanks.