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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)
@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)
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 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
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!