Will I Qualify

[Anonymous]

Looking to purchase in the next few months. Hoping for a conventional and a max of 5% down. Thanks!

1.Mortgage Credit Scores:
Ex - 777
2. Credit Negatives:
None
3. Gross Income.
Annual $104030 + 4.5% bonus (paid in August)
4. Source of income.
Salary
5. Monthly debt payments. 
$557 – Auto Loan ($32,700 balance)
$221 - BOA - $18700/$30100
$304 – Discover - $15171/$19200
$25 – Citi - $1601/$4460
Citi(2) - $0/$11800
Capital1 - $0/$3500
Chase1 - $0/$7600
Amex - $0/$20000
Chase2 - $0/3200
BestBuy - $0/$2000

6. Type of employment: W2
How long have you been on the job: 3 years
How long have you been in the industry/career field: 20 years

7. Assets/Reserves.
Savings - $14705
Checking - $3875
401k - $35335
IRA - $2500
Bonds - $800
Gift - $5000  

8. Location:
State: Michigan
County(s): Kent
City or zip(s): Ada, Rockford

9. Property Description:
Single Family Home

10. Property Value.
Purchase transaction: $250,000

11. Occupancy.
Primary residence 2 adults

12. Transaction Type.Purchase

[Anonymous]

You will absolutely qualify. If you want to discuss further, we are full of advice and can no doubt get you in this house quickly.

let me know if you want to talk.

[H-B]

According to information provided, you should be good to proceed with mortgage application. 

[Anonymous]

Thank you for the info!

[VALoanMaster]

Hi WildcatGreen,

As long as you're not itemizing on your tax returns to the point that it drops your AGI, you're good to go!

Feel free to PM me for help.

[Anonymous]

I've pulled my updated 3B report.

Score 5 - 757
Score 4 - 720
Score 2 - 784

I assume the 757 score would be used, correct? If so, am I still in good standing?

I'm most concerned about having enough cash for a 5% down payment plus closing costs. I'm looking in a high demand area so I cannot expect too much help from the seller.

Thanks for any advice provided!