cancel
Showing results for 
Search instead for 
Did you mean: 

Advice Needed Please

tag
egoodier563
New Member

Advice Needed Please

Really need some advice on this, we are looking to buy a house asap. We currently rent a two bdrm house for 600 a month, (there are 6 of us living here)

We have a small string of late pymts from oct 2009 to jan 2010, the water heater in the house we rent had to be replaced at OUR cost, and the furnace had to be fixed again at OUR cost. We live in NE so those are must have items for the winter. So between the rent and the fix it costs we got ourselves behind.

 

Tried a GW to remove a few, but loan companys refuse(go figure)

 

 

We want to try for a VA loan,

our DTI is 11%,

Credit card is paid off each month.

 

Are these late pymts gonna blow my chances??

Message 1 of 3
2 REPLIES 2
Lel
Moderator Emeritus

Re: Advice Needed Please

Hi egoodier563, and welcome to the FICO Forums.

 

Very recent late payments do not bode well for a mortgage approval.  In addition, the lates are probably hurting your FICO scores by a significant amount.

 

I don't understand why you were responsible for the water heater and the furnace.  Those are the responsibility of the landlord, unless your family was directly at fault for the damage or failure of these things.  Perhaps you should get in contact with a local tenants' assistance group to get help is recovering your expenses.

 

I'm concerned, however, that when you experienced these unexpected expenses you had no choice but to miss some other loan payments.  This suggests to me that you have little in reserve for these contingencies.  Once you buy a house, you will be solely responsible for any repairs that are required.  In my first year of homeownership, I had to replace a dishwasher that died less than a month after the warranty expired, a stove went on the blink, and had a garage door opener literally come crashing down.  It can be very expensive to maintain a home, and you don't want to get yourself into a situation where you can't make your mortgage payments.

 

Would you consider renting a different home, putting as much as possible into savings, and then purchasing a little later?

Message 2 of 3
DallasLoanGuy
Super Contributor

Re: Advice Needed Please

What Lel said

Retired Lender
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.