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Would I get pre approval for a home loan???

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Valued Member

Would I get pre approval for a home loan???

  1. Credit.  Credit scores are 678, 688, and 709....I have a late payment reporting from January 2014 on one student loan account through Federal Loan Servicing, however its 3 accounts so its showing up as 3 late payments, but I make one payment to them each month (Thought the account was under forbearance but it wasn't, mistake on my end)
  2. Income.  Gross income is 46k a year and have almost two years on the job.
  3. Source of income.  Income is coming from full time employment
  4. Monthly debt payments.  Monthly debts include $385 car payment, $160 personal loan, and $99 for student loans. DTI is sitting at about 17%.  I have 0 balances on 5 credit cards and a $283 balance on a store card.  My credit util is sitting at about 1% $283 utilized out $16,300 in available credit
  5. Employment (for those who are employed).  Work full time as a police officer.  I have almost two years on the job and graduated with a degree before i started my line of work
  6. Assets/Reserves.  Currently have about $9600 saved up.. plan on going FHA or USDA maybe 5/5arm..
  7. Location. Looking to buy in Missouri..High Ridge, MO or Fenton, MO  
  8. Property.  It will be a single family home.
  9. Value.  Looking to buy between 120-130K 
  10. Occupancy.  Primary residence
  11. Transaction Type.  purchase

 

 

 

It should be noted, My fiance makes 30k a year and we are undecided if we'll put her on the loan too.  I understand it will add her income in and lower our DTI since she has 0 in monthly debts.  She has absolutely no credit history though.

 

 

Please let me know what you guys think!

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7 REPLIES 7
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Contributor

Re: Would I get pre approval for a home loan???

impossible to guarantee anything, but the file looks pretty easy IMO.

Message 2 of 8
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Valued Member

Re: Would I get pre approval for a home loan???

Thank you for the input!  I hope you're correct...I feel like hte only bad thing i have is the 3 lates from january 2014  do you think that will hurt my chacnes?

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Message 3 of 8
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Contributor

Re: Would I get pre approval for a home loan???

should not, depending on your UW, stay away from the big banks as they will want you to send them your 3rd grade report card!

Message 4 of 8
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Valued Member

Re: Would I get pre approval for a home loan???

lol! I hope not, i wasn't a model student in 3rd grade!! Smiley Very Happy

 

So you recommend a smaller bank for the loan process?

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Message 5 of 8
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Contributor

Re: Would I get pre approval for a home loan???

Not saying big banks are not that bad, but some have a ton of overlays (they make the rules tougher)

Message 6 of 8
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Valued Member

Re: Would I get pre approval for a home loan???

thank you for the info!! do you have any opinion or experience with credit unions?

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Message 7 of 8
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Contributor

Re: Would I get pre approval for a home loan???

some are good, some are bad. I would stick to a national lender.

Message 8 of 8
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