Are we ready?

[Anonymous]

I think we're ready, but I'm a bit gunshy to have anyone run credit and take the hard pull hit.  Long story short during the housing crash we had an FHA foreclosure.  It's zero balance and been over 5 years since.  The only negative on my report since then is a collection which has since been paid for an old verizon phone account.  There are no disputes on my report, just showing the old paid collection with current, positive trade lines.  I've bought and paid off a $34k vehicle and have 3 credit cards with low balances.  ~25% utiliization.  They will be paid in full in 2 weeks but even as they stand it's only $80 minimum monthly payment total.  My gross income is 5833/month.  My mortgage FICO's are 680, 661 & 636 as of yesterday.  I do make additional monthly commissions but I am not wanting to count them for income calculations as they fluctuate and I prefer to qualify based only on gauranteed income.  We are looking at a VA loan and are hoping to stay around $300K.  Most likely less but want a prequal at our top end.  Are we ready to take the dive and have the hard pull or should I wait?  I have never utilized my VA loan entitlement.  

Thanks!

[kc0039]

What do you have to lose? You should be fine. Make sure your LO qualifies you with your residual income instead of gross.

[Anonymous]

Hey! go for it!

[Anonymous]

First off...welcome to the forum. I would like to say that there have been many with waaayyy worst histories and were able to aquire a mortgage. While I can appreciate your caution...I am sure that you will be fine. Try to bring down your UTIL below 10% which should bring up your mid mortgage score a bit and go for it...IMHO...good luck to you!!

[VALoanMaster]

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@Anonymous wrote:

I think we're ready, but I'm a bit gunshy to have anyone run credit and take the hard pull hit.  Long story short during the housing crash we had an FHA foreclosure.  It's zero balance and been over 5 years since.  The only negative on my report since then is a collection which has since been paid for an old verizon phone account.  There are no disputes on my report, just showing the old paid collection with current, positive trade lines.  I've bought and paid off a $34k vehicle and have 3 credit cards with low balances.  ~25% utiliization.  They will be paid in full in 2 weeks but even as they stand it's only $80 minimum monthly payment total.  My gross income is 5833/month.  My mortgage FICO's are 680, 661 & 636 as of yesterday.  I do make additional monthly commissions but I am not wanting to count them for income calculations as they fluctuate and I prefer to qualify based only on gauranteed income.  We are looking at a VA loan and are hoping to stay around $300K.  Most likely less but want a prequal at our top end.  Are we ready to take the dive and have the hard pull or should I wait?  I have never utilized my VA loan entitlement.  

Thanks!

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Hi ThisisUs,

Based on the info you've provided, you look like you're ready to go. Since you had an FHA foreclosure, I would make sure that a lender runs a CAIVRS check up front to make sure there are no surprises once you get into underwriting.