Do we qualify for a mortgage

Do we qualify for a mortgageDo we qualify for a mortgage
richeventtver asked 4 years ago

1. Mortgage Credit Scores: 

    • What are your fico MORTGAGE credit scores for each mortgage applicant? 
    • His: 699, 637, 617

    2. Credit Negatives: 

      • Type: Charged off auto loan $ 2,994
      • Status: Unpaid, account closed 07/10
      • DOFD: 04/10
      • Type: Collection
      • Status: Paid  
      • DOFD: 06/12
      • Type: Collection
      • Status: Paid
      • DOFD: 09/12
      • Type: Judgement
      • Status: Paid, Satisfied  04/13
      • DOFD: ?
      • Type: Judgement 
      • Status: Paid, Satisfied  08/14
      • DOFD:  ?
      • Miscellaneous
      • Authorized user accounts  1 Capital One

      3. Gross Income

        • $ 54,701  (might be able to count additional $ 17k with wife’s part time employment)

        4. Source of income

          • Employment

          5. Monthly debt payments

            • Auto loan: $ 326 a month, total debt $ 9,112
            • Credit cards, minimum payment: $ 100 per month,  total debt $ 486
            • Wife’s child support: $ 100
            • Wife’s student loans: current rehab minimum payment $ 23 a month, total debt $ 1,511

            6. Employment 

              • Type of employment: W-2 (wife W-2)
              • How long  17 years (wife 3 years)
              • How long 17 years  (wife 3 years)

              7. Assets/Reserves

                • Savings $ 2500
                • Checking $ 1200
                • 401k $ 11,000
                • Gift  $ 5,000

                8. Location:  

                  • State: Washington 

                  9. Property Description: 

                    • Single family house

                    10. Property Value

                      • Price range $ 125,000 to $ 190,000

                      11. Occupancy

                        • Primary residence
                        • How many people living there?  4 adults, 2 kiddos
                        • Are all mortgage applicants going to be living in the residence?  Yes
                        12. Transaction Type.  Purchase
                         
                         
                        We will try running with both of us on a loan, if wife is unacceptable due to defaulted student loans then it will be just him on the mortgage. 

                         

                         

                         

                         
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