Do I qualify for a Mortgage?

[barkerstv]

Mortgage Credit Scores

EQ-683

TU-707

EX-697

Credit Negatives

Type: 30, 60, 90, 120, then 30 day late, revolving credit.

Status: Closed, paid in full for less than full balance. $0 balance.

DOFD: 06/10

Type: Charge-off, $2271 written off, revolving credit.

Status: Closed, $0 balance.

DOFD: 03/10

Type: Charge-off, $1811 written off, revolving credit.

Status: Closed, $0 balance.

DOFD: 04/10

Type: Charge-off, $6439 written off, unsecured loan.

Status: Closed, $0 balance.

DOFD: 03/11

Type: Collection

Status: First reported 08/12, paid in full for less than full balance in 10/15.

Type: Collection

Status: First reported 04/13, paid in full for less than full balance in 10/15

Miscellaneous

Quite a few inqueries: 25 EX, 23 EQ, 12 TU....5 inquries in the last 6 months.

Gross Income

$72,779 Base....$21,852 Overtime = $94,631.

The overtime is a very conservative number calculated recently by a mortgage broker.  He said he calculated closer to $24000, but "he knows how lenders are" and wanted to use the lower number.

Source Of Income

Hourly + Overtime

Overtime has been consistent for 11 years.

Monthly Debt Payments

$435 minimum monthly payments ($285 car, $125 revolving, $35 revolving)

Employment

W-2

11 years, 8 months

Assets/Reserves

Savings = $8300

Checking = $1200

401k = $7100

Gift = $14k + 20k from 2 different family members

Location

California

San Benito County

95023

Property Description

Single family home, move in ready.

Property Value

Purchase, $440k

Occupancy

Primary residence

4 occupants, 2 adults 2 children.  No other income besides myself.

If I missed anything, please ask!  Thank you in advance!

[Anne1208]

WOw your profile looks almost exact to my husband's....he has $94k income, about same monthly debts, the same mix of collections/lates from '09-10, husband paid two medical collections in full in April 2015, purchasing $400k ish house, about same credit scores, too.

We are using my income and my husband's but even without mine, lender did a mockk-up in July for that amount, 5% down and said we would qualify for that amount based only on his (we were considering doing it only on his bc of my large amount of student loans).  They said the only thing was that we needed to have enough cash on-hand for everything. 

Im no expert but given how similar your situation is to my husband's you probably have a good shot.  The lender said that they werent going to pay much attention to the derogatories bc they were old - as long as his credit scores were same or higher, and the cash was saved up, she said we should be fine.

[Anonymous]

Howdy neighbor! Just wrapped up a loan in San Benito county last week.

Your back-end ratio looks fine, but your front-end is a bit high. FHA shouldn't be a problem, but I'd want to run your file through automated underwriting before saying your ratios would be fine for a conventional loan. My gut tells me you'd still be okay if your calculated overtime is accurate.

[barkerstv]

Welp, I guess Fannie Mae's AUS doesn't like my file as it is.  It said time on accounts that are negative are too recent and the number of accounts open don't have enough time to be rated???  Most of my accounts are over a year old.  The only new account I have is an auto re-finance from August.  Most of my other accounts are at least a year old.  I guess 5% conventional won't work.