Guidance on buying, would I make the cut? (detailed post)

Guidance on buying, would I make the cut? (detailed post)Guidance on buying, would I make the cut? (detailed post)
ubattoc asked 4 years ago

Hello, Recently moved to a new area and currently got a apartment as did not want to buy right away into a new location, however, would like to get another home and wanted some feedback from all of you in case I am missing something and have some extra eyes for feasibility. I would like to purchase a home around 300K range this time to include many of the little things we would want in a smaller footprint. I will list some of the debts I have and timelines to clarify.

 

  • To begin, I purchased a home in late 2011 using my VA Loan. I currently still own this home and have it leased through my property manager. This has been leased now for approximately 6 months. Will this sort history be enough for underwriters? The current lease is for a year but tenants will likely remain their longer.
  • My Current FICO Scores (Fico 8) are about 740 accross the board. I understand the FICO 4 I should pull and will just establishing a baseline. My mortagage payment history is perfect for 4 years since I purchased
  • Inquries for myself have been relatively low. I have maybe 4-5 on each CRA, however,
  • Income- Combined family income about 110K
  • Currently no late, derogatory for myself.
  • Spouse had BK disacharged around 8/2011. So would be about 4 years post BK by time if we start looking.

Keep in mind will start looking form home in Jan 2016, more than likely so gives me some additional time to pay off some debt and will also allow us time to properly look to backwards plan for our lease ending around June of next year. With that said here are some of the debts right now and would like some guidance if it would help.

 

For myself I have 7 cards total with a combined available limit of over 150K, however, I have a balance on only 3 of them. Out of those three 1 has 2K balance, 1 has 4K balance and1 I use as my primary and PIF monthly. my AAoA is about 5.7 years. all my CC’s will be paid off within a few months before Jan 1, 2016.

 

For spouse she has 4 cards, and she has small balances on two of them which she will pay both off next month.

 

My question for the DTI just to confirm is they only go by the amounts listed on your credit report? My intent by early next year is to have a few debts to include:

  • Car payments totaling 1200 monthly.
  • My Mortgage for leased home – 1150

and I believe thats about it. All the other credit cards, student loans will be paid before the endof this year, as I am throwing disposable income at debsts full force this year.

 

My only other concern is my wife is 1099. If I claim reimbursable taxes for her on 1099 at the end of the year is that going to affect us or is it not as bad since it’s 1099

 

Also on my original home I used my VA Loan. Would I be able to use it again for this home, or would I have to go FHA route?

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