looking to buy a house sometime next year..
i havent looked at my mortgage score yet.
my fico8 is 814 at the moment.
my income this year will be 80k. next year ill be making 100k+.
my wife income is around 60k. her credit scores are in the mid 600's
i have about 31k so far in my retirement plan.
we will have around 25k cash for down payment/closing. looking to use half of retirement plan if needed.
we are looking at a house probably at 330,000 or less.
now for debt. were looking to knock down much of what we have before that time comes.
wife has one card that has 3k on it.
i have a BOA with 12k. 0apr balance transfer
Discover with 5k 0apr balance transfer
other monthly debt..
car note $440.
car insurance $200.
gym membership $36.
student loan $90 have 2k left on it.
cellphone bill $130
is this possible?
Find a DTI calc on the internet. Plug in your monthly minimums. See if your ratios meet the thresholds for most lenders. With that much cc debt right now. I'd imagine you would have some difficulties. Knock that down rapidly. And you should be ok
thank you for the replies.
i am not on an income based plan for my student loans.
also i will get on here and get my Mortgage score thank you!
as for the credit card debt my monthly on the BOA is 132 its been fixed at that i guess cause its a balance transfer.
my card with 5000 is around 105 montly fixed again since its a balance transfer.
as far as whose applying its most likely going to be me since my wifes scores are alil shakey.
but by the time it comes around i will alreaady be making near both my wife and i income by August 2020. so 115+ hopefully that can get me somewhere close to a 300k mortgage