Showing results for 
Search instead for 
Did you mean: 

Would we Qualify

Not applicable

Would we Qualify

We have an aggressive downpayment savings strategy which is the same one we used to pay off 60k+ in student loans in a year. We have no debt besides my wifes car with less than a year of payments left. More details below. I really just want to know if we are in good shape. We just saved up enough to buy a house but decied to pay off debt first. So kinda bummed we are back to square one.


1. Mortgage Credit Scores:  
    • My Scores: 714 720 740
    • Wife we only know her EX mortgage score 720
2. Credit Negatives: 
  •     Some lates from student loans that have since been paid off. Last late was in 2014   
3. Gross Income.  Gross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income. 
    • Current gross income 120k
    • Wife is now an RN and we should be around 160k+ give or take 10k in a few months
4. Source of income.  Where is the income coming from? List each source.
    • Employment
      • My Salary 75k, 85k with OT
      • Wife currently 45k part time RN, 70-80k when she gets full time

5. Monthly debt payments.

    • $313 Car payment
      • 6k left. Will pay 2k of it with next taxt return and pay the rest off within the year
    • We pay her dad 1k a month in rent to help save. Way better then boston rent. Nothing official or on paper


6. Employment (for those who are employed). Me, Wife
    • Type of employment: Systems Admin, Registered Nurse
    • How long 3 years, 1year
    • How long 10 years , Depends if you count clinical reception if so 8 years if not 1 year now. 2 years by the time we are looking
7. Assets/ReservesThis 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).
    • 401k 12k
    • Betterment (just opened for downpayment savings): 1.2k
    • We intend to both deposite 1400 a paycheck for 12-18 months. We get paid 26 times a year (bi-weekly)
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.
    • State: MA
    • County(s): Suffolk
    • City or zip(s) 02132
9. Property Description: 
    • We want to buy land and build modular
    • Looking at North Attleboro, Attleboro, Taunton
10. Property Value
    • Purchase transaction: what is the home price range you are looking in, narrowed it down to, or are under contract for
    • Refinance transaction:
      • We are hoping to keep costs below 400k with 20% down
      • 3br 2br
11. Occupancy
    • Primary residence
      • Primary residence. My wife and I with our 2 kids
12. Transaction Type. Purchase



Please let me know if I need to provide anymore detail



Not applicable

Re: Would we Qualify

Bump - Hopefully I get a response this time. We are thinking that its about time we talk to people about this. We just started the aggressive saving. Will have about 10k by next month. Hopefully 75k by same time next year.

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.