WIll I get approved for a prime rate???

[Anonymous]

Here are my facts:

- Divorced 4 years ago.  Home almost went through foreclosure at that time but was able to catch up on payments.  Sold home two years later and have been renting for 2 years.

- Expect to purchase home in 1-2 months when savings will be approx. $67K - plan to put down 20% on $250K home

- Income is $150K/yr (employed w/ same company 6 yrs)

- Only debt is a car loan for $10K (monthly pymnt of $588)

- 401(k) balance is approx. $90K.

- Experian score is 623 and Equifax score is 651. Haven't checked TU.

Will I get approved for a decent rate mortgage?  I'm looking at a Pulte home.  Does anyone know how stringent their credit approval process is?

[ShanetheMortgageMan]

Odds are very good you'll be able to qualify for prime rates.. debt ratio is good, down payment is excellent, reserves are excellent, credit is just OK but it is mitigated by all of your other "excellent" parts to your borrowing profile.

[Anonymous]

Thanks Shane!