Help.. need a bigger place before our kids hurt eachother

[gearhead_23]

Here is my situation..

 

Looking to purchase a new home. My soon to be wife, is still going through her divorce. She has two children..a pissy X husband .. and we are in a two bedroom townhome.. and our 10 year old boy is going to kill his baby sister if we dont get a bigger place soon..lol

 

We have approx 50k to put down on a new home.

 

My situation is as follows.

Employed full time past 10 years same job annual income 46k

average FICO score is 695

Zero credit card debt

710 Auto loan payment .. 72 months.. 11 months paid on time so far.. I KNOW I KNOW.. I am a salamander..

2 year mortgage payment history of 1036.85 and a perfect homeowners assocition monthly fee of 108 paid monthly for the past two years never late

 

 

Her situation.

Currently a at home mom and has been for the past 5 years.

Filed BK7 discharged in 1999 due to medical bills.

Current FICO score are in the 550 range.

Has lates pays recently on both credit cards and her mortgage..

She does have about 5 current open tradelines with several years positive payment history from me adding her as a AU to my credit cards.

No collection accounts on record.

Estimated child support to be recieved is 650 per month

 

We are looking to purchase a home in the price range of 200k to 215..

 

My questions are..

 

Do I make enough to pull it off myself or is my auto loan killing me like I think it is.

 

If I need to add her for additional income (childsupport) are her scores going to kill any chance of a prime rate mortage

 

If I would not qualify for a 160k loan by myself, what would be a estimate on the amount I could borrow with my current financial obligations

 

Thanks again everyone..

[gearhead_23]

Additional info, sorry I left it out

 

250k life insurance

Short and long term disability

Retirement fund with about 10k in it..

 

Dont know if this stuff matters.. but thought I would add it.

[willtygart]

Sounds like a scary situation! You are good to go....porobably don't need her income unless there are other things that you didn't list as far as debts. You should be able to go up to the 200k loan size but at a glance I say the 160k is a safe bet and I like the money you are putting down. rates are up and down but you shouldnt have a rate over 6.25....might ever see a 6 or 5.875 if rates go down a lil today or tomorrow. Bqasically you are good to go and should fill out some apps and talk to some brokers about getting you a loan. Good Luck :wink:

[willtygart]

here I go with the typos again, Hideous must be wearing off on me :shock:

[gearhead_23]

Sounds like a scary situation! You are good to go....porobably don't need her income unless there are other things that you didn't list as far as debts. You should be able to go up to the 200k loan size but at a glance I say the 160k is a safe bet and I like the money you are putting down. rates are up and down but you shouldnt have a rate over 6.25....might ever see a 6 or 5.875 if rates go down a lil today or tomorrow. Bqasically you are good to go and should fill out some apps and talk to some brokers about getting you a loan. Good Luck :wink:

 

Thanks so much for the vote of confidence. I was terrified, after using some online affordability calculators that said I could afford houses in the 140 range.. and carrying a mortgage of 90k

 

I am in the Chicago area, and you are not getting anything with 4 bedrooms for 140 without it being in a less than desirable area of out in the boondocks.

 

So just to double check..

 

I should be able to qualify house around 200k with 50k down and carrying a 150k mortage. That makes me smile..

 

I will have around 10k in reserves in my checking/saving account after making the downpayment. Is that taken into consideration?

 

Once again, thanks so much for taking the time to read these longs posts.. I truly appreciate it

[willtygart]

Yes, I mean a full application would put me in a better position thatn just a posting but from the surface of it I see this as a no brainer. As far as the 10k...this will show "reserves" meaning the ability to make your monthly payment...which lenders like to see 6 months worth or more. I would contact a few lenders in your area and like I always say, if you wanna fill otu a contact form on my site I can help you find a guy in Il that can help you out. Good luck and what kinda gearhead are ya?