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/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).- 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
