I am looking at purchasing my first home. I am 23 years old and employed full time. This house is located in Bassett, VA (24055). Me and my Fiancee will be getting married in April and I was looking to get a house now so that we can have it move-in ready with the changes we want to make before we get married. Based on the topic "Do I qualify for a mortgage? Info that is needed.", here are my responses:
~~~[C R E D I T]~~~
Equifax (614) June 8, 2014
TransUnion (632) June 8, 2014
Experian (637) June 8, 2014
The negatives include the following:
Payment History
EQ: Very Good
TU: Very Good
EX: Very Good
Debt Amount
EQ: Good
TU: Good
EX: Good
Length of Credit History
EQ: Not Good
TU: Not Good
EX: Not Good
New Credit
EQ: Not Good
TU: Not Good
EX: Good
[POSITIVE FACTORS]
"There is no evidence of a serious delinquency (60 days past due or greater) or derogatory description on your credit report."
- Equifax, TransUnion, Experian
"You've shown recent use of credit cards."
- TransUnion, Experian
[NEGATIVE FACTORS]
"You have a short credit history."
- Equifax, TransUnion, Experian
"You've made heavy use of your available revolving credit."
- Equifax, TransUnion, Experian
"You have no recent activity from a non-mortgage installment loan."
- TransUnion
"You have one or more accounts showing missed payments or derogatory descriptions."
- Equifax, TransUnion, Experian
"You've recently been looking for credit."
- Equifax
"You've recently missed a payment or had a derogatory indicator reported on your credit report."
- Experian
[YOUR RISK TO A LENDER]
Equifax: 27%
TransUnion: 27%
Experian: 27%
[CREDIT AT A GLANCE]
Credit History: 3 Years
Total Accounts: 12
Current Accounts: 12
Past Due Accounts: 0
Revolving Accounts: 12
Installment Accounts: 0
Mortgage Accounts: 0
Other Accounts: 0
Collections: 0
Public Records: 0
Negative Indicators: 3
Authorized User Accounts: 0
Fraud Flag: No
[NEGATIVE INDICATORS]
#1 - Shell/Citibank
Loan Type: Credit Card
Account Holder: Individual
Date Opened: October 2011
Status date: May 2014
Condition: OPEN
Last Activity: April 2014
Balance: $0.00
Status:
EQ: Pays account as agreed
TU: Pays account as agreed
EX: Current account/was 30 days past due date
Payment Timeline:
OK except:
30 Day Late 9/2012
#2 - Capital One
Loan Type: Credit Card
Account Holder: Individual
Date Opened: July 2011
Status date: June 2014
Condition: OPEN
Last Activity: November 2013
Balance: $0.00
Status:
EQ: Pays account as agreed
TU: Paid or paying account as agreed
EX: Current account/was 30 days past due date
Payment Timeline:
OK except:
30 Day Late 11/2013
#3 - MDCU Visa (Local Bank)
Loan Type: Credit Card
Account Holder: Individual
Date Opened: August 2010
Status date: May 2014
Condition: OPEN
Last Activity: May 2014
Balance: $97.00
Status:
EQ: Pays account as agreed
TU: Paid or paying account as agreed
EX: Current account/was 30 days past due date
Payment Timeline:
OK except:
30 Day Late 10/2012
30 Day Late 01/2013
30 Day Late 06/2013
~~~[I N C O M E]~~~
Gross Income: $32,000/year by myself, I am engaged, and she just graduated college and has started working making $51,000/year but will not be on the loan because we are not yet married.
Source of Income:
- Employed Full Time
- 48 Hours a week hourly wages
~~~[M O N T H L Y D E B T P A Y M E N T S]~~~
$200.00/month minimum for credit card payments, which include her engagement ring.
~~~[E M P L O Y M E N T]~~~
W-2 Employment
Full Time
Employed for 2 years
Industry for 6 years
Graduated from High School and currently attending college online.
~~~[A S S E T S/R E S E R V E S]~~~
$1,000
~~~[L O C A T I O N]~~~
Bassett, VA 24055
Property Taxes: $278.00/year
Homeowners Insurance: $400.00/year
~~~[P R O P E R T Y]~~~
Single Family Home built in 1958 and remodeled
952 Square Foot
2 Acres of flat, residential yard/land
Everything is fully functional in the home, new plumbing in 1998, new roof in 2000.
~~~[V A L U E]~~~
The house has been promised to us for $30,000
The house/land is listed in the Henry County, VA GIS Mapping and Real Estate section as valued at $57,100.
~~~[O C C U P A N C Y]~~~
Primary Residence - First Time Homebuyer
~~~[T R A N S A C T I O N T Y P E]~~~
Purchase
If any additional information is required, please let me know. We are looking to buy this house and invest around $10,000.00 in it over time to re-arrange and put in new flooring and paint the paneling.
