My wife and I live in the NJ metro area and would like to start to look for a mortgage to buy our first home. Based on the following income/credit details do you think we would qualify for a mortgage in the 380k to 400k range with a decent fixed rate? Right now we have about 20k available for down payment and still saving.
Combined gross income: 140,000
Me: 75,000 / Her: 65,000
Credit scores:
Me: 670 / Her: 520
Debt: 27,000
Me; Car (12,000 balance) / (2,000 school)
Her: School (13,000 balance)
Credit:
Me: two credit cards: 7,000 total limit / no balance
Her one credit card: 1,000 limit / no balance
Thank you very much for your input.
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