Roughly how much would I be approved for?

[Anonymous]

I'm looking to purchase my first home within the next 3-6 months. I never imagined a house being so expensive in my area, guess I was wrong! So, I'm really curious as to what my options look like without me having to go sit down with my credit union. I don't want anyone running my credit any time soon, as I am not ready to take the bait just yet.

My FICO score 8 as of last month was 678. I have since paid of three credit cards, hoping that would make a difference. My creditwise shows me at a 663 as of last week. I have plans to pay off atleast two more credit cards within the next three months, the time of which I want to really get into buying.

I have two student loans, transferred, with a negative pay status on my credit. They were 120+ days past due in Dec. 2016. I paid 10% of my income to them for six months, per agreement to pull from delinquent, before they sold my loan off to a different company. I did not realize this would leave my accounts negative on my credit, although they are in good standing with the new company, with zero missed/late payments since. I have spoken to my credit union before and they are aware and understanding as I let these go unpaid due to illness, backed with paperwork per the state given disability. The loan company was unwilling to accept the documents and help fix the negative impact on my credit.

DOFD 03/16, closed account 12/16.

Gross Income $60,736, full time employment, hourly pay not including overtime which is nearly everyday. With overtime I average $64,000. I have been with my employer for four years.

Debt:

Student loan payment plans: $125

Auto: $411

Credit Cards: $165

Personal Loan: $122

Total of $834/mo

I will have roughly a $7,500 down payment. Plans are to have an extract $3,000 in savings that I would rather not use towards the home, but will if need be. 

I'm looking to purchase in North Carolina. Davidson or Guilford County. Single family home, new construction is most certainly preferred. 

My ideal home is between $175,000-$220,000. So far $190k has been the choice. I am having to give up location for a better home. Or a better home for better location. Having both means needing $220k. That stretches my ideal budget. I don't want to exceed $1,200/mo.

What do my odds look like? The homes in my area are around $145-$275k. $100k is going to buy me a two bedroom in the ghetto and $145k is going to buy me a glorified fixer-upper. 

Thanks for your time and help!

[Shooting-For-800]

I would pay off all credit cards before applying.

I would also contact the original student loan company not the new one for removal.

GL!

[Anonymous]

I agree. But is paying off my credit cards more important than having a cushion in my savings. I figured closing costs, moving expensives, etc are going to hit me pretty hard. I opened so many trying to salvage my credit over the years. It is possible that I could have all but one paid off by the time I'm ready to move and still have the $3,000 in the bank. 

Also, the first loan company is the one who refused to give me any help. I kept putting the loan in forbearance while waiting for a disability hearing. They were more than willing to help me until they found out I took a closed period disability and went back to work. For their lack of better words, there was nothing they could do. 

[LenaLuthor]

I had roughly 5K in savings  and  just paid of all my credit cards of 5K (im just using easy math cause im tired)    My thinking was in paying off the cards I end up saving money on interest  and also helps boost my credit score for when I want to apply for a home (im not ready yet either)   One of my final decision making points  was  if  gods for bid I need the 5K  I woould take it back from the credit cards in an emergency .  

I still have som left over in savings but you get my point    I am in no way an expert in this stuff  I just figured I would throw my two cents in what I did.  Hell if I know if it was right but thats what I did  haha 

[Mortgage-Specialist]

I just calculated your debt ratio. You are good. No reason to pay off any more credit card debt ( for qualifying purposes) unless you wanted to.