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How much of a loan will i qualify for

how much of a loan will i qualify for

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I’m going to talk to a loan officer tomorrow to see how much I will qualify for but I’d appreciate any advice. Here’s my info:

  1. Credit. This I don’t know. My reports are clean except for 1 open collection on Experian for $242 (DOFD is 2008). If they tell me to pay it in order to close, then I’ll pay it. The last FICO score I have gotten was in Oct 2011 from AMEX (Experian was 670).
  2. Income. My base income is 32,500 but my W-2 from 2011 and 2012 are 37,200 because of overtime.
  3. Source of income. 6.5 years with the same company
  4. Monthly debt payments. I have one CapOne card reporting 300 out of 1500 that I can pay off anytime but it is at 0%

    APR so I wasn’t in a hurry to pay it off. My other cards are paid in full before the statement cuts. I also have student loans (20k) but they are deferred since I will be in school for 2 more years.

  5. Employment. W-2
  6. Assets/Reserves. 14,000 in savings for down payment (can be 18k when I get my refund)
  7. Location. Boise, ID
  8. Property. single family house
  9. Value. Maybe 150K if I qualify?
  10. Occupancy. Primary residence,
  11. Transaction Type. First Time buyer

2. Should I have my credit pulled tomorrow? Will they be able to give me a good estimate w/o a credit pull (if I bring my own reports)

3. I am planning to go with conventional. Will they add my student loan debt to my DTI?

Category: Credit

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