Hello, I’m writing to find out from the experienced here on the forum where I may stand in being approved for a home loan. Although my goal isn’t to purchase a home until next year I currently want to do all I can now in planning aned executing to ensure I have a smooth home purchasing experience. I have thick skin so please be as open as possible as I’m open to all advice. I thank you in advance for your time and hopefully your advice.
My Goal – I qualify for a VA Home Loan as I’m a Disabled Veteran that was honorably discharged. I want to purchas a home here in Houston, Tx and looking to secure a $250,000 loan.
My Credit- My fico scores from this site as of today are (596 Equifax, 616 Transunion, 589 Experian) I have 3 accounts listed under collections, two are from 2008 and have been paid but still show under collections. One is a new account as of this year which I’ve paid yet it still shows under collection. My debt to income ratio is my killer as my 3 credit cards are maxed. I have two of the cards at 15K a piece and one at 7K. I have roughly 12 inquiries on my report which are a result of pull happy financial companies that pulled my report numerous times for one account.
Source of Income – My annual salary from work is 55K and my annual disability is 24K which brings me at $79K annual income.
Monthly Debts- Outside of my Car note, rent, and credit cards I have no other debts, not including utilities, cell etc. Car Note is $923 month with a balance of $54K and I pay $1,000 monthly. Conn's electronic's bill of $171.00 per month, I usually pay 200 and have a remaining balance of 2K. My credit cards I’m now doubling and sometimes tripling the monthly payments to try and bring them down as much as possible in the next 12 months.
Employment – I’m a full time employee in the Oil & Gas Industry and have been for a year now. Within that year I've worked for two separate companies and held two different job titles but both fall under Oil & Gas Services field. Prior to Oil& Gas I contracted in the Middle East and prior to being a contractor I served in the US Army for 12 years.
Location: I plan to purchase in the Humble/Houston Texas area within 10 miles of 77396 zip code.
Value: No home has been chosen but the neighborhoods Im looking at haVe homes that start at 200K.
Occupancy: This will be my primary residence.
Transaction Type: Purchase, first time home buyer through VA Loan.
So what do you think? Do I have a ton of work to do? Or could I possibly even qualify now? As stated before I'm not looking to buy until Summer/Fall of 2015. This is the starting point for me with a goal of drastically lowering my DTI.
