Need opinions on a second mortgage

[Administrator]

Hi everyone, My good friend and I are looking to purchase a home together ( I already own one on my own) and based on the following info I'd like to know if we would be able to qualify for a loan: My info: Yearly Income: $72k Fico: ~700 (No bankruptcies, judgements,) I have one collection for a cable bill of $94 that I have paid off but it is only showing paid on two of the three bureaus ( I have proof of payment) Current Mortgage: Condo, $243k remaining on the FHA loan at 4.5% 30yr fixed (would like to keep and rent out) I'm also a veteran and can qualify for a VA loan. Her Info: Yearly Income: $80k Fico: 750+ Perfect credit First time home buyer Prospective home info: Home price: $375k Down payment: 10% ($38k) Primary residence for both of us Both of us will be on the loan and title Would like to stay in the home for around 5 years Based on the above info which loan do you thing would be good for us. Additionally, I'm a little worried that my FICO score of ~700 is a little low. Any thoughts/advice would be greatly appreciated.


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(Source: mortgagefit.com)