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In good enough shape for a mortgage?

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Hello all.

I haven’t posted much in this forum, but spent all last year working on and rebuilding my credit to be able to purchase a home. After being successful and finally seeing all of my negative TLs fall off today, I pulled my Fico to see what mortgage scores were. Fico 8’s are 725, 707, and 672. My mortgage scores are 692, 689, and 672. If I calculated my DTI correctly it comes out at 36%. (gross monthly income \ monthly expenses. A few questions; are my scores and DTI good enough to qualify? And about $1900 of my monthly income is commissions (it can go up, but 1900 is the floor) how would a lender see a base salary + commission income? Would that hold me back any? I’ve got w2’s and pay Stubbs with the same company going back 5 years showing consistent monthly income in this range. And would a local CU be best to try to go through rather than one of the online lenders? Any help would be appreciated.

 

Thanks!

 

 

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You should be fine. As long as you've been making commission for two years, an underwriter will need your last two years' tax returns and W2s and will average your commission over 24 months to come up with an monthly commission amount. They will also use your base salary. Your DTI is good and scores are good. You should be fine.

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Hello all.

I haven’t posted much in this forum, but spent all last year working on and rebuilding my credit to be able to purchase a home. After being successful and finally seeing all of my negative TLs fall off today, I pulled my Fico to see what mortgage scores were. Fico 8’s are 725, 707, and 672. My mortgage scores are 692, 689, and 672. If I calculated my DTI correctly it comes out at 36%. (gross monthly income \ monthly expenses. A few questions; are my scores and DTI good enough to qualify? And about $1900 of my monthly income is commissions (it can go up, but 1900 is the floor) how would a lender see a base salary + commission income? Would that hold me back any? I’ve got w2’s and pay Stubbs with the same company going back 5 years showing consistent monthly income in this range. And would a local CU be best to try to go through rather than one of the online lenders? Any help would be appreciated.

 

Thanks!

 

 

Sent from my iPhone using Tapatalk

 

Have you roughed out your backend DTI on a new home based on a likely home price and prevailing interest rates?

 

Add up the following and divide by your monthly income:

 

New house payment

Annual property taxes / 12

Annual homeowners insurance / 12

Monthly HOA dues (if any)

Monthly installment and revolving obligations (total of installment payment amounts plus monthly minimums on all credit cards as reported on your credit)

Any other recurring monthly obligations (child support, alimony, etc.)

 

How much are you putting down (expressed as a percentage of your target home price)?

 

After your down payment, how many months' worth of expenses will you still have saved?

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