Hi Everyone!
First off - I've learned more about credit here than I ever knew in my entire life. I think this data should be taught in schools...it would have benefited me greatly.
Currently, I am looking to relocate from MA to NC. My employment and income stays the same - however I do have a chapter 13 that I'm in my second year of paying. The purchase price of the home I'm seeking would have a mortgage payment equal to or less than my rent in Massachusetts so I wouldn't be overextending myself in the courts eyes.
Some background on the bankruptcy: I filed due to back taxes and exorbitant student loans for under grad and grad school programs. I never had any issues with credit cards but the ones I did have at the time of filing were included in the bankruptcy. I retained my car and continued the payments - however that payment is not reporting on my credit report due to the bankruptcy.
Based on your collective expertise what do you think my chances are of a FHA loan with 3.5% down?
1. Mortgage Credit Scores:
My Fico mortgage scores are: EQ 658, TU 613, EX 621
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:
- Type: Chapter 13 Bankruptcy; filed 1/16 - all payments on time
- Status: Paying as agreed
- DOFD: Chap 13 filed 1/16; no negatives since then
- Miscellaneous:
- Oldest account at 13 years (paid auto loan).
3. Gross Income. Gross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income.
- $105,000 (not including bonus and upcoming raise)
4. Source of income. Where is the income coming from?
- Full time employment; additional 10K not included in gross from bonus
5. Monthly debt payments.
- $598 (Chap 13 Trustee payment)
- $488 (Auto Loan - about $11k remaining on loan)
6. Employment (for those who are employed).
Type of employment: FTE
How long have you been on the job - 1 year
How long have you been in the industry/career field. - 12 years (no down time between employers)
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
401k - $10k
IRA - $25K
8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
State - North Carolina
County(s) - Craven
9. Property Description:
- Single family; 3 bed, 2 bath
10. Property Value.
11. Occupancy.
Primary residence
12. Transaction Type.
Purchase
Thank you for taking the time to read and evaluate my chances. I appreciate your help!!
Now it's time to start the process!