App now?

[arw]

Was planning on applying mid July as lease is up end of Sept but with the rates on the rise should I bite the bullet and apply now? Planning to go VA looking for $90-$100k annual salary a mere $29,000 will not be using spouse because she is self employed and do not want the extra hassle with that. BK discharged 3 yrs this coming August due to job loss current Ficos of 682 and 700...have not checked experian yet. Reserves $6k but only two cc combined limit $1250 reporting for one year but can provide alternative trade lines such as rent, utilities etc.

How am I looking? Nervous about biting the bullet now because if I wait one more month there will be no large deposits if they only ask for last two months bank statements. Father passed away and there is a deposit of $2,600 that was from a personal check from my brother (He handled everything after the passing of my Dad and split everything four ways between myself and siblings, this was from a small life insurance policy) I am not sure what sort of paper trail my brother would have as far as where the funds came from.

Are there any major issues here and should I just go ahead and apply and with a direct lender or go with a broker?

I would appreciate any guidance...thank you

[kimmiller112]

You don't have to worry about there being no large deposits if you wait.  I don't think the underwriters want to see large deposits.  They just want to see that the money that would be used for down payment/closing costs is in and stays in your account.  

I have no experience with VA loans so I can't answer anything there.  Mine is FHA.

Some words of advice:  watch what you spend right now.  Make sure you keep very low utilization on your credit cards (should be 1 card with less than 9% utilitzation, but 2 or 3 % is even better, and the rest of your cards at 0 utilization).   Do not apply for any new credit at all and do not apply for any CLI's unless you know 100% for sure that they are soft pulls.  

Hope this helps you and I hope others can give some other advice.  Good luck!  It is kind of a scary thing to go through but I am happy that I am doing this.  Owning a house is something I have been obsessed with for the past 2 years, so it looks like it will be a reality at the end of the year (I'm building and it's supposed to be done in December).