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Thank you, our income was actually 30k last year and this year 48k so saving money these past two years hasn't been the easiest thing to do especially when paying over 1k in rent.
Thanks for that info, i will try the score watch and see if his score will improve. We have been working on his credit for such a long time, it gets frustrating sometimes.
On the BOA charge off, we paid almost 1k in taxes for thier 1099c that they mailed us, do you guys think the bank will still make us pay it off, even if we show them the paperwork that the debt was cancelled and we had to pay taxes on it?
I just wanted to say that we have went to a mortgage broker, and have been pre-approved!!!
She was able to pre-approve us for FHA loan of 240,000, We have found a house and are in contract as of this week!! Our estimated closing is at end of June!
Now all the fun begins....
Congrats on the pre approval! Did your income rise? 240k seems like a lot for 48k income.
@cclee wrote:Congrats on the pre approval! Did your income rise? 240k seems like a lot for 48k income.
+1 I would be very cautious in using 240k on your income. You might want to get several pre-approvals in hand and run the DTI numbers on your own to make sure that you're going to be comfortable giving that percentage of your income to your housing payment.
Good Luck!
RR5, in regards to your charge off that you received the 1099c, the balance on that charge off should report as 0 now on your credit reports, so you should not have to pay it off.
I have spoken to a couple of people and they all say that BOA should be reporting o, However, they are reporting totally off, saying there's a charge off of $850 and late $125 or somethuing similar. i called them a couple of months ago and it didn't fix anything. Mortgage broker said it should be ok, but we will see how it goes. I don't want to dispute anything right now since we are already in contract.
As far as income, i work part time as W2 employee and My hubby is self employed, when doing taxes, we did have alot of deductions that we were able to add back in for qualifying. Also, we live in higher COL and you cannot find something cheaper than that, that is in decent condition. Our market is very crazy right now, good houses do not stay on the market for more than a couple days, and even then, there multiple offers competing against each other. I already worked on a new budget with the house payment /extra bills and it works out prety well for us! ( we have no debt, no car payments, no SL or daycare)
Yeah, BofA is a pain when it comes to getting them to report it 0, but it should be 0. As for the income, I was thinking that 48k was your gross, not your AGI, congrats again on the approval!