Can we be Pre-Approved? How much?
Tags:bank of america credit card, delivery truck, nissan auto, simple ira, zero balance,
4
Credit: 710-Mine
750-His
NO negatives
Income: ,000
My fiancé functions for the smoothness association as well as in May he will have worked there for 1 year. He is the 10 99’d employee. we would contend in the subsequent 6-9 months he skeleton upon shopping his own smoothness lorry as well as apropos partial owners upon the company. Before he worked for the Sports Retail Store for 3 years.
I work for the building the whole association as well as in May we additionally will have been with the same association for 1 year. we am an hourly employee. we accomplished propagandize for Accounting as well as my stream upon all sides is Accounts Receivable Billing. My before upon all sides was an accounting partner with an additional building the whole association where we worked for 1 year.
Debt:
9.00 Monthly franchise for the car.
0.00 the month that we minister to the Simple IRA for retirement. My employer additionally contributes the certain percentage. (not certain if the IRA counts as debt)
Total Cash Asset: 15,000.00
Credit History:
His: Owns the 2006 Dodge Ram- paid off.
Owns the 2006 ATV –paid off
Wells Fargo Credit label 00 limit-zero balance
Macy’s Credit Car (not certain what the extent is) –Zero balance
Polaris Off-Road association 00 limit-zero change
Mine: Nissan automobile lease-9.00 Monthly
Bank of America Credit label 00 limit-zero change
Mervyns Credit label 0 limit-zero change (I don’t if they equate given they went out of business)
We don’t devise upon shopping compartment 8 months from now…some time around September-October. With residence prices being low as well as seductiveness rates being low we would unequivocally similar to to take value of it. Instead of relocating out as well as renting because not buy?
We have been some-more afterwards peaceful to buy the apartment residence though would unequivocally similar to the 2 room fixer top kind of house. 8 Months from right away we goal to have an additional ,000 for down remuneration that will afterwards have the sum money accessible for down remuneration ,000.00
Area: Los Angeles CA
Downside….In 8 months from right away we will usually be twenty-one years aged as well as he will be 23. I’m disturbed we have been looked during as the risk for being young.
Thank we so most in allege for all your advice.
This taxation deteriorate he will have the 10’99 as well as the W-2…3 months ago he proposed removing taxes taken out of his paycheck.
Incoming search terms for the article:
Related solution post:
No, you two are making good financial decisions, and are on track to buy your first home. You are avoiding debt, IRA contributions are not debt. It’s important to contribute for your future and leave the money there to grow, even if at some time you can’t make more contributions. You have good credit, and decent savings for down payment with limited debt.
With solid work history, down payment and good credit, you should be pre-approved, and should be able to gain loan approval.
Most common mistake of first time buyers is to overextend themselves: Don’t buy More home than you can EASILY afford. Rehabbing, even doing it yourself, costs an amzaing amount which adds up. Bought our first home with similar ages.
Rule of Thumb: No more than 1/4 of monthly income on housing. No more than 1/3 with utilities, taxes, insurance, etc.
Require 2 years job history- no exceptions. Other than that everything sounds perfect- don’t charge anything else before you buy. Lenders cannot discriminate due to age but you don’t say how long your fiance has been working (well you say since May) but did he work before? If not you will be turned down due to the 2 year history. Also, don’t let him go self employed before you buy- you need 2 years of self employment income with the same company in order to buy.
the only flaw is that he Will be buying a truck and changing work status and there comes the rub. Most underwriters want self employed 1099 people on the job 2 years with full tax returns.
Don’t worry about your age. I bought a bunch of homes prior to age 25. Your credit scores are what count and yours are fine. Why don’t you go to a local mortgage company and get some exact figures? They pre-qualify people all the time and will tell you exactly how much home you can afford.