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Old 02-06-2014, 04:01 PM
 
4 posts, read 5,708 times
Reputation: 10

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My husband and I are first time homebuyers. We plan on going next week to see the mortgage broker. His base salary is $75,000 and he he makes between $50,000 and $60,000 a year on overtime. My salary is $57,000 a year. So, together, we make $132,000 yearly without overtime and about $180,000 with it. His overtime is guaranteed. We have zero balances on all credit cards. We owe $2,500 on a loan that we have out. Other than that, we have no debt. Our bills are about $1,700 a month not including our rent and our utilities. Ironically, we both have the same credit score, a 726. We have never paid any bills late. We have one issue on our credit reports, I totaled my truck in September of 2011 and the insurance company told me they would pay it off. Two months later, I received a letter from Ford stating that after the insurance payment, I still owed $130.00 which I had no idea about and that it was now 30 days late. Ford would not take it off my credit report but they wrote a letter for us explaining what happened. So it shows on our credit report that we have one 30 day late payment. This effects out credit score negatively by 13 points. We will give that to the lender and hope it is ok. Now, here is what makes me nervous. We make good money but we are terrible savers. We only have $4,000 saved on our own. My husband received a settlement check for $8,500 last week so we have that plus $7,500 from our income tax return that we just got. So, in total, we have $20,000 in the bank and we plan on getting an FHA loan and only putting down 3.5% obviously. What scares me is the lender will see that we did not save that money on our own and will turn us down. Please let me know if anyone knows if we will have a problem because of this. I know the lender looks back into three past months of activity so they will surely see that we didn't save this money on our own.

Also, we live in NJ, and have a 3 year old.
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Old 02-06-2014, 06:14 PM
 
501 posts, read 891,814 times
Reputation: 533
I don't think that it will be an issue. If you receive a gift or loan from family, it can cause a denial in certain loan programs, but that is not the case here.
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Old 02-06-2014, 07:17 PM
 
Location: Nine Mile Falls/Spokane, WA
998 posts, read 4,472,860 times
Reputation: 781
If you have no other debt than the $2500 loan, what are your bills that come up to $1700/month? If you have car payments, those are debts. That sounds like a high number for "bills" that doesn't include rent or utilities. A lender will want to know everything.
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Old 02-06-2014, 07:25 PM
 
Location: Man with a tan hat
799 posts, read 1,377,367 times
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As a lender. Any major bank will be able to tell you fairly quickly if you are preapproved.
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Old 02-06-2014, 09:30 PM
 
Location: El Dorado Hills, CA
3,716 posts, read 8,740,110 times
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Yes, ask a local mortgage broker. Everything else is just a guess.
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Old 02-07-2014, 05:40 PM
 
Location: Georgia
4,571 posts, read 4,450,061 times
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Quote:
Originally Posted by WendyK View Post
If you have no other debt than the $2500 loan, what are your bills that come up to $1700/month? If you have car payments, those are debts. That sounds like a high number for "bills" that doesn't include rent or utilities. A lender will want to know everything.
I'm suspecting that the $1700 is rent and utilities.
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Old 02-07-2014, 05:48 PM
 
4 posts, read 5,708 times
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Quote:
Originally Posted by dblackga View Post
I'm suspecting that the $1700 is rent and utilities.
It is including utilities, but not rent. Our rent is an additional 1100 a month.
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