A jumble of questions

Anonymous · ‎04-19-2015

My score is 653. The top of my house price is about $150k and I'm looking to finance about $100k. I don't have any debt, just a small amount on my only credit card. The problem on getting a mortgage is DTI. What debt? One mentioned my lack of credit accounts. So I went online to Capital One and applied for a credit card for average credit. CapOne didn't instantly decline me but said they had to do some further investigating to approve it. Worse off, my credit union only reports to Experian (yet somehow TU sees it too) and doesn't report at all to Equifax, so my car loan I paid off, and the low balance on my credit card (both with my credit union) doesn't even show up there. It's blank with Equifax. Thoughts? I'd like to get in a house before the end of May.

shyboy · ‎04-20-2015

What about your income level/range?

-------------------------------------------------------------------------------------------------Getting back in the credit game after major setbacks

DallasLoanGuy · ‎04-20-2015

@Anonymous wrote:
My score is 653. The top of my house price is about $150k and I'm looking to finance about $100k. I don't have any debt, just a small amount on my only credit card. The problem on getting a mortgage is DTI. What debt? One mentioned my lack of credit accounts. So I went online to Capital One and applied for a credit card for average credit. CapOne didn't instantly decline me but said they had to do some further investigating to approve it. Worse off, my credit union only reports to Experian (yet somehow TU sees it too) and doesn't report at all to Equifax, so my car loan I paid off, and the low balance on my credit card (both with my credit union) doesn't even show up there. It's blank with Equifax. Thoughts? I'd like to get in a house before the end of May.

not really seeing enough info here to even answer.

http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/td-p/381846

Retired Lender

Anonymous · ‎04-20-2015

I wan't very clear at all. I'm not sure why I would make such a mess of a statement.

As for income, that's the right question. I'm inbetween jobs right now and moving back to Dallas to find work. My only option right now is just buy with cash. It's nice to not have debt but not having income defeats the whole purpose of a mortgage.