Alright Fico family, i am here for assistance as a first time home buyer. I have been preparing for this day for like 2 years now and i want to make sure i have everything close to ready.
In August, i plan on starting the home buying process and i am here to find out if i will qualify or what i need to do to make my chances a lot better than it could be. Below is my portfolio.
Downpayment: I have $ 6000 saved up now and plan on adding to it until i close on the house so it might be more, but right now 6k is on standby for the downpayment on the house
Income: $ 40,371 and i will have been at my job for 2 years in August
Credit Score(Not the mortage score but it is Fico): Experian 681 Transunion: 667 Equifax: 688 I plan on pulling the mortgage scores when i am ready to sit down with a lender. Wise or not?
I have only one collection on my transunion for $ 150. I been trying to get it off my name but no luck and i refuse to pay it. Now will this hurt me as far as the mortgage, or i can not worry about it since it is small?
Car Loan: $ 13,665 at 3.94% $ 265 monthly
Student Loan: 40,000 which is defered till April of 2016
Amex: $ 6000 CL with $ 2000 Balance
Chase: $ 1000 CL with $ 600 Balance
Discover: $ 1500 CL with $ 500 Balance
NASA FCU: $ 4000 CL with $ 1500 Balance
Buckle: $ 1850 CL with $ 0 Balance
Finger Hut: $ 1300 with $ 0 Balance
Walmart: $ 3500 CL with $ 900 Balance
HH Gregg: $ 4000 CL with $ 1100 Balance
Wow, writing this out really made me realize i have too many balances, like i knew it before but it just hit me. This is where i will need some advice. I plan on putting aside about $ 1500-$ 2000 to pay off some of these cards so i can be in a better position once the credit is pulled. Which should i pay? i am thinking Chase, Discover and possible pay down Walmart. I plan on not using the credit cards until after the house is purchased.
Assets: I have about 5k in 401K for my company, but i dont plan on touching that.
Location: Atlanta, GA
Property: I am thinking a condo or single family house. I would like to get something i can later on either rent or flip and sell later on in life. Just using the calculator on Zillow, it seems i might be able to afford the most 125K worth of house
I am thinking FHA loan will be my best bet, but i wanted to know if there is a possiblity for FHA loan to use a fix up a fixer upper.
I think i have provided everything i have read will be needed to find out if i can qualify. Please Fico Family your assistance will be greatly appreciated because i think i have done too much research and lost my self in it lol if that makes sense, and the numbers are starting to confuse me. Thank you