Ready to take the leap - Advice needed.

[Movin_on_up]

Greetings all!    A bunch of years of hard work and great advice/conversation with members of this board brings me to a point where I'm ready to take the plunge and buy my first house.  This one may be a little different from most as I will continue renting in NYC and am looking to purchase/invest in a vacation home to use and rent out (to generate income).

My real estate agent has brought me a great opportunity that may (...may) be in my range.  I'm looking to see what people here think about my chances for approval.

What are my chances of approval?

The house I'm looking at is $290K.

I've listed out all my specifics below and look forward to the discussion.

Thanks for reading!

 Credit 

• FICO scores: 743 average (Just pulled the MyFICO 3 Score Report)
• No negatives
• Credit period - Short (Average Age:  2 years, 2 months, Oldest: 3 years)
• No installment loans (active or past)
• Revolving credit: 4 open credit cards, CL ($26,200), Overall utilization 2%, No late payments ever

 Income 

• Gross yearly income: $98,900
• Single, no children

 Source of Income

• Employed full time - Salary

 Monthly debt payments

• Apartment Rent: $1,743
• No other debts

 Employment

• Employed full time
• Same company for the past 9 years

Assets/Reserves

• $10K in savings
• Can borrow up to $30K from my 401(K)

 Location

• I live in New York City but will be buying in Massachusetts

 Property

• The property I’m looking at is a small single family home in great shape

 Value

• The final selling price for this property should be $290,000
• At 10% down my mortgage payment (all-in) should be $1,623/month

 Occupancy

• This will be purchased as a vacation home but probably will be used as rental property within the first year as a revenue generator

Transaction Type

• This will be a purchase

[andemalia]

Hello friend!

Subscribed!!! Will be following your journey!!

[andemalia]

What happened? Are you still around? Did you ever close? Keep us posted I am still following you!!!

[Movin_on_up]

Hey there - I'm still working through the process.  I've found a nice place and have come to an agreement on a purchase price.  My home inspection was cancelled this weekend on account of the snowy/icy weather.  It's been rescheduled now and I'm hoping a break in the weather in the northeast will allow this to go forward.

I'm excited but am keeping a lid on it for now as there are plenty of hurdles left.  I am spending a fair amount of time getting educated on financing (I know very little) and will be meeting with a few local banks around the time of the inspection to see what they have to offer.

If things stay on track (and they very well might not because of the weather) my closing will be the 2nd week in April.