My boyfriend and I are considering buying our first house. Can someone assess our situation and let me know our odds of qualifiy for a mortgage?

Asked by Justlooking, Tulsa, OK Thu Dec 30, 2010

My boyfriend and I are looking at buying our first house. We have not attempted to get preapproved for a loan. I'm hoping someone can assess our situation.

*Combined Gross Income: $52,0000 (Aproximately $4,400 Monthly)
*Monthly expenses: Approx $1,400.
*We work for the same company. I've been here 3 years. He has been here 4 years, however he briefly left this job to work for a different company for 7 or 8 months until he was laid off, at which time he came back to this employer.
*He has a credit score in the mid 700s and no negative info on his credit report.
*My credit score is in the low 700s. I had a car repo-ed 4 years ago, which is still on my report.
*He has over $1,000.00 in his savings and several $100s in his checking.
*My checking is usually in the lower $100s at any given time. I have a few thousand in savings and a $5,000 CD
*We have a shared savings with $1,000

What are our odds of qualifying for a mortgage loan given the above information?

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21
Sharyn Willa…, Agent, Blanchard, OK
Fri Mar 18, 2011
Hey just checking in to see if you had any luck on getting a mortgage with your boyfriend. If not, please let me know & I will do some checking for you to help you fulfil your dreams of home ownership!

swillard@cbtulsa.com
0 votes
Connie Klemme, Agent, Tuttle, OK
Tue Feb 8, 2011
when you do call a lender, ask about bond money- down payment assistance!!!. there is still some available. and the key is - don't buy a house at the edge of your limit. If you get approved for $150 look in the 130s etc. because you need to allow for taxes and insurance to increase, you need to allow for planning for repairs or things to go wrong etc. Good luck! you should be able to find a nice home.
0 votes
NA, , Lompoc, CA
Fri Jan 14, 2011
You two sound like a prime candidate for a home loan.

I purchased my first home last year when I was 19 I had been at my job for 3 months making $40,000 a year and virtually no credit at all and I was able to secure an FHA backed loan; 30 year fixed rate mortgage for 4.75%

If that puts things into perspective a little for you two you can definitely do it!
Feel free to call, text or email me if you have any questions I'd be happy to answer them!
(805) 588-9384
Web Reference:  http://www.coreyrowell.com
0 votes
Jennifer Bla…, Agent, Owasso, OK
Fri Jan 14, 2011
Hey Just Looking:

Your odds are good!!!
0 votes
Lois Rauner, Agent, Tulsa, OK
Sun Jan 2, 2011
You must be very excited to be considering buying your first home! But as you can see from the great advice you have already received, there are probably things to be considered that only a trusted Mortgage Broker will be able to advise you the best on. And working with a local lender is very important, they understand the market where you are buying and what opportunities may be available for you to take advantage of. I would suggest contacting Stacye Beaver at Bank of Oklahoma 918-810-6693 or Cody Jacobs at Century Home Mortgage 918-5-857-9457 also check with the bank you are using for your checking and savings accounts now.
After getting accurate information about funding and having a better idea of what you can afford comfortably and how much money it will take to close, you will be ready to shop with confidence. There are so many great opportunites for buyers right now, so it's a smart time to make an investment in your future. Just remember to be patient and you'll know when you find the right home for you!
I very much enjoy working with first time buyers and would be happy to assist you and the search for that perfect home, just give me a call.
Good Luck!

--
Lois Rauner
Premier Home Group of Tulsa
McGraw Realtors
4105 S. Rockford Ave.
Tulsa, OK 74105
918-851-8886 cell
918-398-5147 Fax
918-747-4400 office
loisrauner@mcgrawok.com
0 votes
Frank Langst…, Agent, Coweta, OK
Thu Dec 30, 2010
You should take this information to a lender and ask them to issue you a pre- approval letter. Even if you get one of those and then find a home make an offer and it gets acepted you will then have to get the ok from the lender's underwriting department for funding. Only then will you be 100% sure.
0 votes
Tim Epps, , Tulsa, OK
Thu Dec 30, 2010
Your situation should not prevent you in any way from buying a home in the $75000 range. Based on what you show, the repo should not be a problem. Neither is the fact that you are not married. (This does not affect the mortgage but does affect the title to the new home.)

Given that the monthly expenses are only about $600, you should be ok.

First time buyers do have bond money available, but that is not always the best mortgage for all borrowers. Community Action Project of Tulsa also has a down payment assistance program that is excellent. I have taught their first time buyers' classes. I would need to know more about your income to see if you can qualify.

I would be happy to review your situation more completely & confidentially. The difference between loan approval & loan suspension is an honest evaluation by a quality loan officer. You may call my office 918-528-4010.

I am a licensed Mortgage Loan Originator in Oklahoma.

Tim Epps
NMLS ID 295785 - OK MLO 05061
Fairway Independent Mortgage Corp
5200 S Yale Ave Ste 102
Tulsa, OK 74135
tim@myfairway.net
918-528-4010
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Dec 30, 2010
Your best bet is to contact a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. Be careful what info you post or give to anyone online, do it face to face with a trusted loan officer,

Please see my blog for tips and advice on gettiing a loan in todays market
0 votes
Justlooking, , Tulsa, OK
Thu Dec 30, 2010
Based off another question I posted, the Monthly Expenses I provided in my original comment is incorrect. Per information received in my oter post, lenders look at your debt in reference to loans and credit cards; things you have financed. I was including ALL monthly payments (daycare, cell phone, car insurance,etc). I know I personally need to consider that information, but if the mortgage broker refers to outstanding debt as finances, my situation changes drastically. Given this information, our monthly expenses are more around $600.00. This includes both of our car payments and our combined credit card debt.

Thanks for all of your helpful information and input. This is really helping me out. I'm starting to feel more comfortable with the whole financing process.
0 votes
Joanna Baker, Agent, Tulsa, OK
Thu Dec 30, 2010
I wanted to put in my 2 cents worth because I did not see anyone give you the full answer. Right now there is first time home buyer bond money. You can purchase a home for less than $1,000 out of pocket expense if the seller pays the closing costs and the bond authority pays the 3.5% down payment. The marital status does not matter and where the house is does not matter. Sandy Thompson with Spiritbank Mortgage is an excellent source for Mortgage information and loans. I suggest you give her a call at 918-313-0619 and tell her Joanna sent you. She will be able to tell you about all the different loan programs that could help you purchase. I would love to help you find the prefect home once she gets you approved for a mortgage and for the best program for you. Give her a call and then call me!! Thanks,
Joanna Baker
918-814-8233
Broker Associate
Coldwell Banker Select
0 votes
Phillis Spra…, Agent, Tulsa, OK
Thu Dec 30, 2010
Justlooking - Sounds like you doing the right things - The repo. may be an issue but time is certainly in your favor - Looks to me like you are ready to get a preapproval with a mortgage company - I would be glad to assist you with this - One loan officer that I would recommend to you is Mat Ringleb with First Mortgage - You can go on line and qualify. He is someone that will help you work out any problems that might arise until
you have a plan that meets your needs. You guys have so much going for you - that I think it appears that you are in
shape to pursue approval. -
This is quick and easy and
always confidential! Give Mat a call at 798-1427. Let me know if I can be of assistance to you or if you have any other
questions - 527-0951! Have
a great New Years!
0 votes
Jim Hemphill, Agent, Tulsa, OK
Thu Dec 30, 2010
From a Realtor's perspective, I would say you should be OK I have seen others with similar situations and have been able to qualify for a loan you would need to seek out a mortgage lender first to see what you could qualify to purchase, I think you could qualify for around 110K with both of you on the note.
call me of you have any questions or look on my website for some helpful answers.
Jim.9186366876
0 votes
Randy Johnson, Agent, Sand Springs, OK
Thu Dec 30, 2010
Hi,

Sorry, I forgot to put Kandi Fallis # in the answer I posted. Here it is (918) 488-7150

Randy Johnson
633-2437
0 votes
..., , Lexington, MA
Thu Dec 30, 2010
Hi JustLooking

Even with 100% financing and the seller paying what they can for your closing costs you would be strapped for cash. Do you really want to spend everything you have in moving, cleaning/painting and your share of closing costs? Assuming you're OK with this, then it sounds like you're in good shape. A lot would depend on your recurring costs (how much do you typically pay monthly for credit cards, for example?) as that wasn't mentioned. Car payments, credit cards and other monthly expenses (including the condo fee or insurance and taxes on your new home) will need to be calculated into the estimate of what you can afford.

I would respectfully suggest that it's time to seek a mortgage loan pre-approval. At least with us, there's no cost or obligation and your loan is actually underwritten to determine if it would be approved or not.

The scores are good but lenders look at individual items on the report as well. Some may ask about the repossession but it seems long enough in the past to be of little other concern.

Shoot me an email if you have questions you would like me to address.

Tom

Thomas.Stevens@Flagstar.com
0 votes
Randy Johnson, Agent, Sand Springs, OK
Thu Dec 30, 2010
Hi,

Sounds like you may qualify but best bet is to contact Kandi Fallis at the BOk Mortgage group.
I am a Realtor with Coldwell Banker Select, located in the Tulsa area.
Once you talk to Kandi, give me a call and we will find you your first home!

Randy Johnson
(918) 633-2437
randyjohnson70@hotmail.com
http://www.Area918HomesSales.com
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Thu Dec 30, 2010
Maritial status does not have an effect on your qualifying purposes. If your credit is in the 700's it seems you are past the car repo thing. You may be asked to explain what happened at the time but explainations are pretty common when making a purchase. Good luck!
0 votes
Sally Grenier, Agent, Boulder, CO
Thu Dec 30, 2010
Also...there are some programs that offer down payment assistance (basically in the form of a 2nd loan). I don't see the co-habitation / not married thing as an issue. All the lenders care about is your ability to pay back the loan. Best bet is to talk to a few lenders and go from there.
0 votes
Justlooking, , Tulsa, OK
Thu Dec 30, 2010
CORRECTION: "My concerns are that my repo is listed as a Failure to Pay on my credit report and I know that DOESN'T looks good..."
0 votes
Sally Grenier, Agent, Boulder, CO
Thu Dec 30, 2010
Sounds to me like you are in good shape for buying a house. Since you'll need a minimum of 3.5% to put down, plus closing costs, you'll probably need to tap into that CD. I'd be happy to recommend some lenders to you. Then once you're prequalified, I could refer you to an agent in the Tulsa area. Let me know how I can help!
Sally
sally.grenier@coloradohomes.com
Web Reference:  http://www.sallygrenier.com
0 votes
Justlooking, , Tulsa, OK
Thu Dec 30, 2010
Additional Information: My concerns are that my repo is listed as a Failure to Pay on my credit report and I know that looks good. I'm also concerned that a lender would be weary of giving us a mortgage because we are not married (we have been together 3 years and my boyfriend has assumed the position of "daddy" to my son; basically we are in a committed relationship and have waited 3 years before even considering getting a home together). We are also only looking to buy a house up to $75k - $80k, but most we have been interested in are more around $60k.

Are there any kinds of available "First Time Buyer" loans or mortgage loans available that only require a small downpayment? We are pretty financially stable, but I would hate to drain out every bit of savings on a downpayment. Also, we are looking North of Tulsa in the Bartlesville area, if that matters any. I'm not sure how much location affects loans and whatnot - this is all new to me.

I greatly appreaciate any advice!

(This question was previously mistakenly posted in the OKC forum)
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Thu Dec 30, 2010
The best way to find out would be to talk to a lender and have them actually run your credit report. You will need to provide your most recent check stubs and last two years taxes. Although you provided your combined income, lenders will go off the income stated on your taxes. They need to see your income "after" deductions. From the information stated above it appears you would be in a good position to buy a home but to be absolutely sure you should talk to a lender.
0 votes
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