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Established Member
Posts: 19
Registered: ‎05-20-2012
0

Do I qualify????

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) 


Starting Score: 664
Current Score: 738 EQ Beacon 6/11
721 EX fair isaac V2 6/11
727 TU04 6/11

Goal Score: 750


Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Do I qualify????


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.

Good Luck
May all your dreams and wishes become a reality!
Established Member
Posts: 19
Registered: ‎05-20-2012
0

Re: Do I qualify????

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

Starting Score: 664
Current Score: 738 EQ Beacon 6/11
721 EX fair isaac V2 6/11
727 TU04 6/11

Goal Score: 750


Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Do I qualify????


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!

Good Luck
May all your dreams and wishes become a reality!
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