1. Mortgage Credit Scores:
Mine: 642, 652, 659
Husband: 647,657,660
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:
Mine: Late payments over 1 year ago, credit cards. Current.
Husband: Late payments over 1 year ago, credit cards. Current.
3. Gross Income.
Mine: $85,000
Husband: $90,000
4. Source of income.
Employment; salary and overtime/bonus. Bonus consistent for 3 years. Overtime consistent for 5+ years.
5. Monthly debt payments.
Car payment: $450
Student Loan: $165
Credit card minimums: >$100, can pay off if needed.
6. Employment (for those who are employed). - Type of employment: W-2 self-employed, S-corp, W-2'd (salaried? Commission? Base + commission? 25% ownership), 1099'd, part-time, full time, 2nd job, etc.
- How long Me: 12 years, husband: 1 year
- How long have you been in the industry/career field. Me: 14 years, Husband: 15 years
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).- Savings: $70k (part of this is down payment)
- Checking: $5000
- 401k: $50k
8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
9. Property Description: - Single family home, new construction
10. Property Value. - Purchase transaction: $375,000
11. Occupancy. - Primary residence
- How many people living there, incomes even if not applicant, elderly, disabled. 4
- Are all mortgage applicants going to be living in the house? yes
12. Transaction Type.
