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Our chances and possible loan amount

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Regular Contributor

Our chances and possible loan amount

Wife and I are about to apply for prequal.

 

Combined income 130k

 

Both employed at same companies past 14 years. Wife is a teacher, I work in a hospital.

 

Current debt is 2 car payments total 850 per month, both loans are 1.75%

 

AAOA is about 2 years with no lates, we both screwd up about 10 years ago so we layed off credit and paid cash up until 2 years ago

 

Wife has 3 CC`s 500 balance with 25k available credit

 

I have 11 CC`s with 3 reporting balances total 8k all 0% interest thru 2015, available credit is 120k

 

Scores are from MY FICO; Wife is about 780 on all 3, I am 693 on EQ and EX, TU is 765

 

I still have 2 paid judgements from 2010 showing that were approx. 750 each

 

We incured alot of debt over the past 21 years from school tuition for our 2 boys (college&catholic school) all paid now

 

Looking for homes at the Jersey Shore with a purchase price not to excede 375k

 

Aprox. taxes 7K

 

Have been living and taking care of Mother-In-Law past 5 years so no rent history since, before that we rented a home from inlaws for 22 years.

 

Will have about 15k cash available and will be using a VA loan.

 

Does it seem we may have a chance to get approved?

 

Thank you

 

Message 1 of 8
7 REPLIES 7
Established Contributor

Re: Our chances and possible loan amount

Y'all been livin with your momma in law last 5 years so a gap rent/payment history?  Y'all might have to write a letter on that, but probably not a big deal.

 

I'm pretty sure with those numbers you can buy something, how much I dunno because it is NJ.  Man you know what kind of house 370k buys in Bama???

Message 2 of 8
Regular Contributor

Re: Our chances and possible loan amount

it doesn`t buy much here. We needed to move the budget up from 325K unless we want a fixer upper. At 55 I`m done with that

Message 3 of 8
Established Contributor

Re: Our chances and possible loan amount


@wagsk1 wrote:

it doesn`t buy much here. We needed to move the budget up from 325K unless we want a fixer upper. At 55 I`m done with that


So 250k mostly buys ya a fixer upper in NJ?

Message 4 of 8
Regular Contributor

Re: Our chances and possible loan amount

At the shore in a decent area thats what 325k gets you

Message 5 of 8
Regular Contributor

Re: Our chances and possible loan amount

**

Message 6 of 8
Regular Contributor

Re: Our chances and possible loan amount

anybody in the mortgage business have an opinion on this? Thanks

Message 7 of 8
Established Contributor

Re: Our chances and possible loan amount


@BamaGuy wrote:

@wagsk1 wrote:

it doesn`t buy much here. We needed to move the budget up from 325K unless we want a fixer upper. At 55 I`m done with that


So 250k mostly buys ya a fixer upper in NJ?


Unless you are willing to live in the 'hood or in the boonies, $250K doesn't get you a lot of house. Property taxes are a beast as well.

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Message 8 of 8
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