What are my chances of getting a mortgage?

[UpsFeeder]

1. Credit. FICO SCORE EQ 724 TU 736 Just payed off two credit cards that have not reported new balances. Score simulator gives new range of 774-804. No negative on report but only two tradelines. One CC 5 years never late, other 18 months never late. Can prove rental history 3 years $650 never late
2. Income. 94K in 2011. approx 90K in 2012 (49K so far this year)
3. Source of income. Hourly, including overtime.
4. Monthly debt payments. Two CCards $75 combined (paid off so actually $0) $18.50/week union dues. Car paid off. Only other bills are utilities.
5. Employment Same company/industry 24 years. United Parcel Service. Part time 5 years Full time 19 years.
6. Assets/Reserves. 9K in checking. 25K in 401K. 2.5K in employee stock. Paid weekly. Auto drafting 2k per month to new savings account started 7/1
7. Location. Greenwood, SC 29649
8. Property. single family house
9. Value. 160K - 240K
10. .
11. Occupancy. Primary residence
12. Transaction Type. Purchase. 1st time home buyer.

1st time buyer. Recently cleaned up 4 medical collections from my report from late 2005. Looking to purchase in 4-6 months or as soon as I can save a more substantial down payment. Looking for a 15- year mortgage or max 20 year. What are my chances now? or in 6 months with additional 12K? Taxes and Insurance seem to be cheap here. I looked on the web and 2011 taxes on 200k house in neighborhood I want was 1100.

 

 

 

 

Thanks!

[Blue Demp]

You will definitely get a Mortgage. My credit profile is worse than yours, and I was able to get a mortgage with 3.6 financing.

[sexonthebeach]

i don't see why u shouldn't be approved as long as u can document EVERYTHING as far as income,savings ,down payment source etc etc.

[UpsFeeder]

My biggest concerns are only having two tradelines and the short history, 5 years. I also have a loan from my 401k. I defaulted in 2008 and it still shows on my 401k account. I owe 2800 ish. Is this something I would be required to pay before getting a mortgage. It's not on any credit report and I counted it as income and payed the tax penalty in the year it defaulted. I suppose I will pay it just to avoid any questions about it.

 

I can document everything easily.

Edited July 14, 2012 by UpsFeeder

[Link2k]

My biggest concerns are only having two tradelines and the short history, 5 years. I also have a loan from my 401k. I defaulted in 2008 and it still shows on my 401k account. I owe 2800 ish. Is this something I would be required to pay before getting a mortgage. It's not on any credit report and I counted it as income and payed the tax penalty in the year it defaulted. I suppose I will pay it just to avoid any questions about it.

 

I can document everything easily.

 

When I applied with a large national bank I was told I needed three lines over a year old or additional lines like rent, insurance or utilities.

When I went to a mortgage banker he laughed and said as long as you have a score and can pass through underwriting hard limits like that don't really exist.

 

Don't have much information to help for the 401k loan as I've never taken one.

[DeeRok]

I'm certain they will not ask about the old 401K loan. I don't think you will have ANY issue getting a loan for that amount now. The only thing I'm not sure of is how they will take into account your income since there is overtime included in. The fact that you will still have funds left if you decide to put down 3.5% or 5% also really helps you when the underwriter looks at your paperwork. I'd go for it!