Posted on: 16th Dec, 2012 02:09 pm
I am gauging my probability of obtaining a home loan.
I have three CCs open. One since Oct, the other two this month. I will only be using these to strengthen my credit profile. 10% uti, PIF each month. No installment loans. 2yrs on time rent payments of $1285.
As of 12/12/12, myFico reported my TU 715, EQ 761. TU shows a judgement unpaid from 2010, hence the lower score. Just settled the debt/ judgement, should be reflected soon. Shows oldest acct 13yrs 4mo, avg acct 9 yrs.
By the way, hi!
I am self employed(5yrs with cont growth) 50k on avg annually. All can be documented with tax returns, P-L statements, bank statements. Hoping for a 2-250k home, with a min of 10% down, shooting for 20%. This will include a min of 6 months reserve. Wife does work, earns more than myself, but had a Ch 7 BK less than 2 yrs ago. I live in MO. Anything else, let me know! Thanks so much in advance for the input/ advice!
I have three CCs open. One since Oct, the other two this month. I will only be using these to strengthen my credit profile. 10% uti, PIF each month. No installment loans. 2yrs on time rent payments of $1285.
As of 12/12/12, myFico reported my TU 715, EQ 761. TU shows a judgement unpaid from 2010, hence the lower score. Just settled the debt/ judgement, should be reflected soon. Shows oldest acct 13yrs 4mo, avg acct 9 yrs.
By the way, hi!
I am self employed(5yrs with cont growth) 50k on avg annually. All can be documented with tax returns, P-L statements, bank statements. Hoping for a 2-250k home, with a min of 10% down, shooting for 20%. This will include a min of 6 months reserve. Wife does work, earns more than myself, but had a Ch 7 BK less than 2 yrs ago. I live in MO. Anything else, let me know! Thanks so much in advance for the input/ advice!
hi wonderyears,
it is true that the revolving accounts are quite new. but you have quite a good credit score and your other accounts are quite old. moreover, you will be able to document your income though you are self employed. however, as your wife has filed chapter 7 bankruptcy which is not even 2 years old, she won't be able to qualify for a loan.
it is true that the revolving accounts are quite new. but you have quite a good credit score and your other accounts are quite old. moreover, you will be able to document your income though you are self employed. however, as your wife has filed chapter 7 bankruptcy which is not even 2 years old, she won't be able to qualify for a loan.
Thanks! Comforting to hear. Even though the three new accounts are all I have open? Also, to be sure, myFico scores are the most accurate obtainable without a lender pulling, correct? I assumed my wife would be unable, leading me to another question...With my low dti, will the ~50k per year be enough to finance a 250k home with at least 25k down?
I apologize for the aforementioned partial reply.
I apologize for the aforementioned partial reply.
Hi wonderyears,
With a low DTI ratio, things might get difficult for you. Nevertheless, I will suggest you to get in touch with the local lenders and try to check out his opinion regarding your loan request.
With a low DTI ratio, things might get difficult for you. Nevertheless, I will suggest you to get in touch with the local lenders and try to check out his opinion regarding your loan request.
I'll contact some lenders and get their opinions.
You mentioned the low dti may be a problem? I was under the impression the less debt the better.
Thanks Adonis for your time!
You mentioned the low dti may be a problem? I was under the impression the less debt the better.
Thanks Adonis for your time!
Hi Guest!
Welcome to forums!
Keeping your debt-to-income ratio low will help ensure you can afford your debt repayments and give you peace of mind that you can handle your financial responsibilities. However, you should note that for conventional financing, the DTI limits are typically 28/36 and the FHA limits are currently 31/43.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Keeping your debt-to-income ratio low will help ensure you can afford your debt repayments and give you peace of mind that you can handle your financial responsibilities. However, you should note that for conventional financing, the DTI limits are typically 28/36 and the FHA limits are currently 31/43.
Feel free to ask if you've further queries.
Sussane