Mortgage Loans

[ontheuptick]

I am trying to figure out if I could qualify for a mortgage.  Here is my info: 

Annual income $50,000

two car payments totaling $839 one open 10/2008 the other open 05/2010 no lates 

HSBC $900 limit $12 balance open since 01/2010 no lates

Capital 1 $500 limit $0 balance open since 12/2009 no lates

Capital 1 $750 limit $450 balance open since 09/2010 no lates

first premier $375 limit $0 balance open since 3/2009 no lates

first premier $475 limit $0 balance open since 10/2009 no lates

and of course the baddie 

United Acceptance car loan unpaid charge off in the amount of $1,094 Account closed 04/2009

nothing else really on my credit report no mortgage 

length of credit history shows 5years 0Months

Average Account Age 2years 7Months

I paid all my utilization down to the above amounts this month (was near 80%) so I'm expecting bumps from all three CRA that should put me nearer to the 700 mark across the board. Only one hard pull in six months   I would like to eventually qualify for an $80,000 mortgage.  Please anyone that could help I would so greatly appreciate it.  I don't want to get my hopes up and not be right.

664TU (myfico) 05/09/2012

646EQ (myfico) 05/09/2012

?EX (freecreditreport.com fako 690) 

[JM-AM]

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ontheuptick wrote:

I am trying to figure out if I could qualify for a mortgage.  Here is my info: 

Annual income $50,000

two car payments totaling $839 one open 10/2008 the other open 05/2010 no lates 

HSBC $900 limit $12 balance open since 01/2010 no lates

Capital 1 $500 limit $0 balance open since 12/2009 no lates

Capital 1 $750 limit $450 balance open since 09/2010 no lates

first premier $375 limit $0 balance open since 3/2009 no lates

first premier $475 limit $0 balance open since 10/2009 no lates

and of course the baddie 

United Acceptance car loan unpaid charge off in the amount of $1,094 Account closed 04/2009

nothing else really on my credit report no mortgage 

length of credit history shows 5years 0Months

Average Account Age 2years 7Months

I paid all my utilization down to the above amounts this month (was near 80%) so I'm expecting bumps from all three CRA that should put me nearer to the 700 mark across the board. Only one hard pull in six months   I would like to eventually qualify for an $80,000 mortgage.  Please anyone that could help I would so greatly appreciate it.  I don't want to get my hopes up and not be right.

664TU (myfico) 05/09/2012

646EQ (myfico) 05/09/2012

?EX (freecreditreport.com fako 690) 

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According to the numbers you supplied you would qualify. 

The charge off may have to be paid depending on the loan program you are seeking.

[ontheuptick]

Oh that's great I guess I will get my nerve up and go to the bank ( US Bank) unless anyone has another opinion of someplace that could make this a swift and painless process? I'm guessing FHA I'm also a veteran but I heard that process takes along time and they want you to give them your first born.lol

[JM-AM]

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ontheuptick wrote:
Oh that's great I guess I will get my nerve up and go to the bank ( US Bank) unless anyone has another opinion of someplace that could make this a swift and painless process? I'm guessing FHA I'm also a veteran but I heard that process takes along time and they want you to give them your first born.lol

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While some opt for applying through banks I usually tell friends and family to use a broker. They deal with numerous banks and in my personal opinion work much harder to get you approved.

But you have to make a decision and be happy with the decision you make. All the best!