How do i know if i qualify for a mortgage
1. Mortgage Credit Scores:
High credit utilization due to being an authorized user on my spouses accounts. I just removed myself from all of her accounts so expecting the score to go up.
2. Credit Negatives: No Negatives
3. Gross Income. 2 Full time remote jobs. $110,000 primary and $115,000 secondary. Planning on only using my primary job for approval and using secondary job to put together the down payment.
4. Source of income. Where is the income coming from? Both are full time salary employment. W2.
5. Monthly debt payments- 1 car payment $289 and few credit cards. payments totaling no more than $300
6. Employment (for those who are employed). Both W2. Primary- 3 years, secondary- 3 months
IT field- Been in the field for 10 years
7. Assets/Reserves. This is to determine how much
you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
Planning on putting $23,000 down from my checking account. This is saved from the secondary employment in a separate checking account.
8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
City or zip(s)- 30040
9. Property Description:
New single family home. 2 car garage, basement, 4100 SQFT. 3 sided brick.
Purchase transaction: $440,000
Primary residence- Yes
How many people living there, incomes even if not applicant, elderly, disabled. (Needed to determine eligibility for some programs)- 3 Adults (myself, spouse, mother) and 2 kids.Source: ficoforums.myfico.com