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Mortgage and Relocation


rbutts14
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I have a few questions.

My wife and I are looking to purchase a home; wife currently has a mortgage. Both our Equifax scores dropped from 702 to 690/674 to 650 after heavy credit card use due to hurricane Wilma. My questions are as follows:

1.If reduce debt on both cards in Jan. 06, how long does it take to be updated in the credit bureaus. Can I purchase a home in April.

a.CC Limit 2500/1600 Balance….Anticipated balance 02/06 $950

b.CC Limit 1900/900 Balance….Anticipated balance 02/06 $600

c.Combined income 75K

2.My wife and are considering purchasing a home of no more that 185k in the Charlotte, NC area. We are relocating from S. Florida. What are the chances of getting approved based on these figures. Down payment between 40k – 50K

3. Are we required to have jobs in the Charlotte area before applying?

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1.If reduce debt on both cards in Jan. 06, how long does it take to be updated in the credit bureaus. Can I purchase a home in April.

One posting cycle, which for many CC is almost immediately, in extreme cases the legal max which is 90 days.

3. Are we required to have jobs in the Charlotte area before applying?

In most cases of normal A credit loans - YES.

2.My wife and are considering purchasing a home of no more that 185k in the Charlotte, NC area. We are relocating from S. Florida. What are the chances of getting approved based on these figures. Down payment between 40k – 50K

Very good if you have jobs in a similar field or industry to the ones you left.

It really depends on your Debt-to-Income ratios because your credit scores are pretty good.

Good luck.

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