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Preparing for our first home purchase

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Preparing for our first home purchase

Hello All, 

 

My fiance and I are starting to get our stuff together for our first home and I wanted to get help and feedback with my current status. I appreciate anyones help.

 

Credit:

Exp: 650

Eqfx: ? I will get an updated score on 11/15/14. It was 605 on 10/15/14

TransU: 656

 

Last 30 day late was 01/2013 which was disputed and corrected by Exp and Eqfx, TransU disputes are pending until 11/15/14.

No collections, BK’s, tax liens, or child support.

 

Employment & Income: Full Time – Salary last 23 Months was 38k. Moved to a different company 9/14 new salary 70k. Same industry, same Job Title.

Monthly Debt Payments:

Total Minimum Payment for all CC’s: $306 (Prior to me paying all my debt with my last 2 checks).

CreditReport.com shows Credit: 88% Debt: 12%

Assets/Reserves: Only about 6k in liquid assets. My increase in income allows me to split my checks 60% - Expenses/Bills, 40% - Savings.

Location: Maricopa County – AZ

Property & Occupancy: Single Family Home – Primary Residence

Value: Would like to be in 250k – 300k

Transaction Type: Purchase

 

I only post my info because I want to see if I qualify on my own, my fiancé will also be included on the loan but I believe her income, credit (713), and current debt is in good condition (DTI is 4%), 2 credit cards limit of 5k each. Income is 45k, and liquid assets are ~15k. Only has 1 year in her current position, just graduated.  

I want to start looking soon but I don’t want to hurt our credit by getting pre-approved and not find anything during the 90 days.

 

Any feedback, help is appreciated.

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