Reply
Established Member
Posts: 24
Registered: ‎02-03-2013
0

1st time homebuyer

I am wanting to know what can I do to buy my wife her dream house. Since Jan.2013 she has been working hard to improve my score to get this house she found for 159,900. She as paid off 3 of the 4 accounts in collection and got them deleted off my credit report. We are waiting on the most recent one to be deleted the first of March. So that should make the score go up more.She also have each account that was deleted in writing stating paid  in full and to be delete. My score has gone up tremendously from where she started.  My eq 565 Tu 659 ex 620

I make around 32,000 and have about 19,000 of debt which include a car loan with a balance of 17,000. If anyone has some positive information for me please share it. I need some advice n FHA and USDA loans as well. 

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: 1st time homebuyer

 
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: 1st time homebuyer

that is a lot of house for $32000 income

 

what is car payment?

do you know how much taxes run?

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Member
Posts: 24
Registered: ‎02-03-2013
0

Re: 1st time homebuyer

The car payment is 455

I see the annual taxes 1147.43

She makes around 20,000 but her credit is not good from past relationships. 

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: 1st time homebuyer

car is only debt payment?

 

this house + car pmt puts your debt ratio over 55% and doesnt include any other pmts

i know i dont go that high..... and you would need serious compensating factors if you found a lender who did.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: 1st time homebuyer

I also agree that the home price is a little steep based on just your income. The most that you would likely get approved for is $128K and that assumes very little debt. You have a extremely high car payment for just your income and that is severely impacting your DTI. You would need to put $30K down at a minimum. If you live in a community property state, you will have to include her debts in the DTI ratioed against only your income.

If she can qualify for the loan, the home price would be feasible. What is hurting her credit so bad that you think it is unfixable?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
Posts: 36
Registered: ‎11-17-2012
0

Re: 1st time homebuyer

OP, your debt as compared to your income is simply too tight at current.  However, I'd look into the differences between your Equifax score and the others since it appears it isn't reporting the same information given the large difference.  Maybe the EQ score is missing your deleted collections?

 

As MovingForward says, that car payment is holding you back.  Maybe once the EQ score gets righted you can 1) refinance or 2) trade for something with a lower payment.

 

Does your wife have no income currently?


Starting Score: 707 (Experian); 702 (Equifax); 740 (TransUnion)
Current Score: 776 (Experian); 753 (Equifax); 780 (TransUnion) as of 09/11/2014
Goal Score: 800


Take the myFICO Fitness Challenge
Established Member
Posts: 24
Registered: ‎02-03-2013
0

Re: 1st time homebuyer

She does have income. Her annual income is about 22,000. Her scores are in the low 500. I have talked to several LO and not been able to get any information about FHA or USDA loans. Each time I speak with one they always want to pull my credit. I am wondering if I could get the car refinance? Will my current scores allow it? Any suggestions would be helpful.

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: 1st time homebuyer

What is your current interest rate on the car?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
Posts: 24
Registered: ‎02-03-2013
0

Re: 1st time homebuyer

My current interest rate is very high not for sure what the number is but I can tell you that we pay 455.25 a month for 72 months. The car was 19,000. before Financing.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.