@Anonymous wrote:My husband and I got married in June, 2013- We paid off for our wedding, he had several expenses he paid off (he owed the IRS), and we had a baby 6 months ago so, this is why we dont have more $$ saved up. We are looking into purchasing our FIRST HOME is August, 2015. Any input would be apreciated. Could we possibly qualify? Lookinng for possible HFA route- or like a first time home buyer program.
- Credit. Husband TU 683 EQ 688 Me: TU 644 EQ 636. I don't have Experian because these scores are off Credit Karma. I understand these scores may not be very reliable but I don't want to pull my full credit report/scores because it hasn't been a year yet from the last time I did and I don't want another hard pull. My scores were in the mid 500's 6 months ago when I pulled my full scores. You need to bite the bullet and buy your myFico 3B Credit Reports, they will include your FICO mortgage scores and will not cost you any hps ...CK scores are FAKO at best and can't be relied on at all for any mortgage decisions ...Fico mortgage scores are often significantly lower than the Fico 08 CC scores and can vary wildly from any FAKO scores ...especially since you have no installment loans (SLs don't count) and the Fico mortgage algorithm apparently weighs installment loans higher than the Fico CC algorithm does ...most lenders are going to require a 640 mid score for the lowest scoring applicant and your listed scores indicate that may not be your case ...you can get approved with lower scores but you will pay more and have fewer choices ...read the sticky at the top of this forum re mortgage scores. Baddies: I have 1 Open Medical Collection opened date November, 2010 for $235. Capital one Collection Charge off last reported March, 2013- settled for less than amount owed. It was a small $300 balance but lost my job and well, this card was my last priority at that time. Student loan (original amount $7000, still owe $3000) that have 7 missed payments all from 2012 when I lost my job. Have been on time- no missed payments since July 2012. The med CA does not have to be paid and wont stop a loan unless a lender overlay requires it be paid. My husband has no baddies. Credit Cards- I have Cap one Platinum CL-$500, Cap one QS CL-$500, Torrid Store Card CL-$250, Care Credit CL-$1000. My husband has a Capital One Platium CL-$500 and is an authorized user on my platinum card.
- Income. Gross income for 2014- off tax info for my husband and I together- $75,000
- Source of income. Both Employed- hourly.
- Monthly debt payments. Capital one Platinum- $25 monthly payment, Capital one QS- $25 monthly payment, Torrid- $25 monthly payment, Husbands Capital One Platiumun-$25 monthly payment (Most of the time these cards carry a zero balance) Student loan $65 monthly payment. We have no car payments. Have never had car payments.
- Employment (for those who are employed). My husband has been at his current job for almost 6 years. I just changed to a new employer less than a month ago but is in the same field. I was at my previous job for a little over 2 years.
- Assets/Reserves. We will have $15,000 saved for a down payment and my parents will gift us with $15,000 (late wedding present)= $30,000 down payment You will need another 5-8K for closing costs ...where will that come from? ...put down less and use balance for closing is one possibility.
- Location. Burleson, TX- Johnson County area. We would like out of city limits and with a little land becasue we do have a horse and would like to purchase more. Think about a USDA loan, they are made for people like you and me (I'm buying 4BR/2BA/5 acres rural FL) Check out their site but you should income qualify barely within the max, the Burleson area has a lot of eligible property, and they do guaranteed no down payment loans ...check out the USDA RHD site ...also DallasLoanGuy hangs his hat here ...pm him if he doesn't jump in before hand.
- Property. Single family house
- Value. We are thinking max $190,000 (I guess it depends on how much we could get approved for) You'll get approved for more but should spend only what keeps your PITI within your personal comfort zone ...just because you CAN buy a $200k house doesn't mean you should ...and if your CC balances are zero at each statement then those min payment amounts won't count against your DTI Ratios ...which allows the LO to approve you for more.
- Occupancy. Primary residence
- Transaction Type. Purchase
...hth
...anytime you check your own crs, its a soft pull only ...hth
^^^^^++++ Fico 8 are the scores used by CC lenders ...look under additional scores for your mortgage scores.
...sweet ...a mid score of 671 will open any lender's doors ...good luck 