I currently am 22 years old, and have owned my home for about two years. My mom co-signed my loan for me. I recently got married, and we are looking at purchasing another home in about a year. I want to set us up for success on this one, so I wanted to start asking advice now.
My current credit score is a 652 and my husband's is a 683. We have about 20k-30k worth of equity in our current home. My husband and I bring home a combined income of about 90k per year.
Our currently monthly debt which will be coming with us includes $284 per/month Car Payment, $194 per/month student loan payment, and $310 per/month Car Payment (This payment will be paid off in July, well before we want to purchase another home so I am going to take it out of the equation)
That makes our total monthly loan payments $788 now, will be $478 at the most (plan on paying a student loan off before then too, but I'll estimate high).
I have been working for the same company for 3 years, my husband has been at the same place for 5 months now, will be a year and a half when we actually start applying.
1) Should we have any problems qualifying for a loan?
2) Is there anything more I can do in the mean time to help with qualification?
3) Would I have a problem qualifying for a $150,000 - $200,000 dollar mortgage?
Thanks for any advice/information!
My current credit score is a 652 and my husband's is a 683. We have about 20k-30k worth of equity in our current home. My husband and I bring home a combined income of about 90k per year.
Our currently monthly debt which will be coming with us includes $284 per/month Car Payment, $194 per/month student loan payment, and $310 per/month Car Payment (This payment will be paid off in July, well before we want to purchase another home so I am going to take it out of the equation)
That makes our total monthly loan payments $788 now, will be $478 at the most (plan on paying a student loan off before then too, but I'll estimate high).
I have been working for the same company for 3 years, my husband has been at the same place for 5 months now, will be a year and a half when we actually start applying.
1) Should we have any problems qualifying for a loan?
2) Is there anything more I can do in the mean time to help with qualification?
3) Would I have a problem qualifying for a $150,000 - $200,000 dollar mortgage?
Thanks for any advice/information!
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