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Any chances?

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hopefulinde
Valued Member

Any chances?

This may be a long shot, but I thought I'd ask...  My fiance and I are looking into a buying a home next year and I don't think we can.  Currently we make 50k between the both of us and we both have been at our jobs for 2 years.  My fiance is thinking about getting a second job.  We have $5k in savings and we would like to buy a home in Delaware.  My family has also offered to help us with the downpayment and we may take a homeownership class.  Currently my fiance has a 630 fico with transunion and I have a 542.  His credit history will make the two year mark June of next year and has two 30 day lates on one of his cards from about a year ago.  He has 3 cards, a 1st Premier with 200cl, macys 100 cl, and a kay's jeweler with 1600cl.  He is an AU on my BOA for 300.  He also has student loans in deferment for 3k.  I have a BOA for 300 (never late), a student loan for 6.5k(4 lates back in 2005), a car loan for 14k for 317 amonth for 72 months (3 lates last year, and a year into the loan), Aspen cc for 800, and 7 collections equalling to about 5k.  I've currently been reading the credit repair post and working to get the collections off.  Any chances of getting a mortgage now, or am I right about waiting until the collections are off/ paid?  What kind of mortgages would we qualify for and how much? 
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2 REPLIES 2
BrianB_The_Loan_Professor
Valued Contributor

Re: Any chances?

If he could qualify on his own maybe but if your income must be counted I would suggest spending the time to work on your credit. You will see huge results just from paying down debt abut also and more importantly no more lates.

If he gets a second job it will tae 2 years before he can count it for income on the loan but he can use it to pay off debt and/or start saving.

 

Good luck

brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

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ShanetheMortgageMan
Super Contributor

Re: Any chances?

Also you really need to check all 3 of your scores here at myFICO.com, TU could be your low, your middle or your high score.  Lenders use your middle score to determine interest rates, etc.  Right now a 580 is the minimum most lenders are requiring for FHA mortgages, conventional requires 620.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
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