Do I qualify?

[Varakai]

Interested in a first time home buyers USDA guaranteed loan. As far as I know house qualifies.

2 questions:

1) Do I qualify based upon info provided below and

2) If qualified, would you do it or wait and let credit improve/save?

Credit: FICO scores: TU673, EQ690. Relatively new history. Avg Age Accts = 1.7 years. Oldest 12 yrs. Quite a few INQ's and new accts in past yr. Therefore low scores. Utilization is 24% of $12,000 available credit. $13,000 left on installment loan (car). No negatives, No lates.

Income: $51,500.00

Source of income: Salary

Monthly debt payments: Minimum monthly debt payment $390 per month (but paying down faster by paying more)

Employment: Full time employment. In current position 15 months. No prior experience. Forced career change from Airline Pilot to Office Manager due to being furloughed from the airline I flew for. Have higher education.

Assets/Reserves. 401K = 12K, Other = 11K, Cash 2K

Location: Indiana, Sullivan or Vigo County

Property: Single family home in a rural location.

Value: House is on the market for $129,900

Occupancy: Primary residence

Transaction Type: Purchas of first home.

[Varakai]

52 views and no opinions based upon experience? Do I need to provide more info? Your opinion/help is very much appreciated guys and gals:-)

[Anonymous]

We are going the USDA route, they wanted 2 years at the same job so I'm not sure if that would hurt you or not.  If your tradelines are all 12 months old and you have at least 3 you should be fine there.  It would be something to look into for sure.

[Booner72]

The concern I have is your new credit.  You will have to explain any new credit for 6 months (My experience w/ FHA) and all inquiries have to be explained.

[Booner72]

Void what I said - no new credit in a year.  You could call a LO and see what they say - it would be worth it to me to have a professional opinion.  OR you could print out copies of your own credit reports and take them in and see what they say.  This gives you an opportunity to see meet loan officers and see if they are up to par.  They should JUMP at the chance to look at your reports.  That's what my LO did, she spent ALL DAY working on it - ultimately she ended up pulling her own report so she could use her score simulator.  Fast forward 3 months and we are heading to underwriting Monday Morning and she assures me I will pass because I already passed automated underwriting.

It took so long bc of a short sale fiasco.

They will also be able to tell you how much house you can afford.