Will we be approved for a mortgage in our current situation?
My husband and I are ready to go get pre-approved for a mortgage. We would both be first time home buyers. His credit score is 693 and mine is 715. My husband’s score is low because when he was younger, he had a lot of late/missed payments. His bills have all been paid on time since we have been together (Feb of 2007….he has no late payments past this date.) My credit score is due to the fact that I have only had credit for 5 years. I have never missed or made a late payment. My salary is $ 58,000 a year and his base salary is $ 80,000 per year plus he makes $ 40,000 – $ 45,000 in overtime. In the last 5 years he has made between $ 120,000 and $ 125,000 thousand per year. Is overtime considered when applying for a mortgage? We have no debt. We have a loan out with a balance of $ 2,500. Our bills are $ 1,900 per month. I also have a pension loan out that I pay $ 300.00 a month toward and it will be paid off in November of 2014. We have a 2 1/2 year old son. We are terrible savers though and only have $ 10,000 to put down. Can anyone tell me where we would stand if we went for pre-approval and if we would have any problems getting a mortgage. Also, how much would we be approved for approximately? Thank you!
I owe about 500 in credit card balances right now. I always pay them in full monthly.
“Go with the flow” – I can’t be any more honest. Why would I lie while asking for a real answer? This is my exact current situation. Thank you for your reply though.