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BiaB

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  1. Thanks for the insight. To answer some questions: FICO mortgage scores 5,4,2 Equifax 692 Trans 704 Experian 690 I terms of monthly take home (after taxes): $6,700 In terms of savings, I can have 11k saved by July/August but that would be the bulk of my savings and I agree, wouldn’t want to use it all. Was thinking more like 5k down. (Def not 20%) Not really sure in terms of what my needs are - 3bdrm/2-3 bath. I live in an area where the market feels a bit oversaturated and expensive - not sure houses are really worth what they’re going for. That said, I also don’t want to wait forever to buy. My lease is up in November. Thinking I’m prob going to end up paying upwards of 350k+. When I started an early application process back in 2018 I was told based on my credit (at the time was 630-640) I would have been eligible for around 350k. Not sure if that means anything. Thanks again! Sent from my iPhone using Tapatalk
  2. Hi everyone. Very new to CreditBoards and hoping to get some guidance around the first-time mortgage/home buying process. My goal is to purchase my first home this year. For some background (and please forgive the long post and many questions): I moved to a new state about three years ago. Have a great job and earn a comfortable salary, especially for this area. I have been diligently trying to improve my credit score over the past two years - credit tanked after finishing graduate school between living in NYC and crazy student loans. Thankfully I have since gone through student loan rehab, been responsible building healthy credit card habits, and have finally (finally!) gotten my score in the higher 600’s/low 700s. As of today my FICO score 8 is 711, 666(*),713. (My TransUnion score is so inconsistent hence the asterisk - jumps from mid-to-high 600s depending on where I check). My questions: 1) When should I start the mortgage application process and should I wait until my score is consistently above 700-720? 2) Will shopping around for mortgages impact my credit negatively? For instance, each time my credit report is pulled. 3) I only have about 7k saved and can maybe get to 10-11k by end of summer. Do I need to have a more significant down payment? I’d like to avoid going through my savings if possible. 4) is there a way to know in advance how much house I can afford? 5) In terms of debt-to-income, I owe about 100k in student loans - will that impact what I can afford? I want to go into this process with as much information as possible as I realize how complicated and involved it can be. Many thanks in advance! Sent from my iPhone using Tapatalk

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