Do we qualify (scores are higher now)

[Creditobsessed12]

I have posted this before but my scores were too low. I have been working diligently on my credit and have accomplished a lot. Our scores were in the 500s just 4 months ago!

Credit:

Husband: MYFICO eq 692 tu 702 ex 709
He has 8 lates (2 car lates from 2012, 3 capital one lates from 2014, 1 Ann Taylor late from 2013, 3 lates from macys from 2013/2014) Only outstanding CC debt is a bloomingdales charge off for 268 (charged off on oct 2014) which I am trying to resolve but I'm afraid that it will lower the score. However, there is no collection account showing for Bloomies. I imagine this must be resolved before I apply?
His big baddie is a child support account for 20k which gets paid off directly from his job. He pays 100 per week.

Me: MYFICO eq 629 ex 627 ex 633
There are 3 collection accounts totaling 1000 which will come off soon (PFD)
2 medical judgments which I got vacated and will be deleted from my file soon.
80 lates from Navient student loan from 11/2012 (hopefully getting removed as well)
20 random credit card lates from 2013. I'm trying to good will those. Not much luck here. I keep getting the sorry we were not able help you letters.

Income:

Husband: 35k from job (2 years at job but 3 years in the same industry)
Me: Was laid off in Oct 2014 and made about 65k (was there 6 years) got a job in Jan 2015 making $72,800. I have only been there a month and I just received an offer for $109,200 at another company. I want to take it because it's a big difference but I'm concerned they will think I'm not stable. I do work in the same field though (IT)

Monthly debt:

Husbsnd: child support act (owes 20k) pays $100 per week.
Me:
$679 car payment (owe 32k)
About $800 in student loans but they are all in deferment (owe 85k) since I'm trying to get my masters.
No credit card debt

Assets:

11k in 401k
10k in savings (down payment)

we are not paying rent (house we rented was foreclosed)  and save money every month 
We will have many 20k soon with tax refund 

Location:

Long Island, NY

Property:

Legal 2 family house
We currently live in it and it was foreclosed and bought by investor. The landlord had to move out and they want to sell the house to us. We are going into contract soon (not sure if this is a good idea considering we haven't applied)

Asking price is 300k and we will be living there and looking for FHA loan.

I have spoken to a lender and she wants to pull our credit to see where we are. Should I wait for my score to update first? I have zero inquiries and I'm honestly afraid to have her run it repeatedly. She said she can run it now and tell me where I stand.

Sorry for all the typos I wrote this quickly!

[needamortgage]

I talked to a loan broker last year and he told me that my child support needed to be brought current before I can be approved for a mortgage.

[skigirl916]

---

@Creditobsessed12 wrote:

Husband: MYFICO eq 692 tu 702 ex 709
He has 8 lates (2 car lates from 2012, 3 capital one lates from 2014, 1 Ann Taylor late from 2013, 3 lates from macys from 2013/2014) Only outstanding CC debt is a bloomingdales charge off for 268 (charged off on oct 2014) which I am trying to resolve but I'm afraid that it will lower the score. However, there is no collection account showing for Bloomies. I imagine this must be resolved before I apply?
His big baddie is a child support account for 20k which gets paid off directly from his job. He pays 100 per week.

Me: MYFICO eq 629 ex 627 ex 633
There are 3 collection accounts totaling 1000 which will come off soon (PFD)
2 medical judgments which I got vacated and will be deleted from my file soon.
80 lates from Navient student loan from 11/2012 (hopefully getting removed as well)
20 random credit card lates from 2013. I'm trying to good will those. Not much luck here. I keep getting the sorry we were not able help you letters.

Income:

Husband: 35k from job (2 years at job but 3 years in the same industry)
Me: Was laid off in Oct 2014 and made about 65k (was there 6 years) got a job in Jan 2015 making $72,800. I have only been there a month and I just received an offer for $109,200 at another company. I want to take it because it's a big difference but I'm concerned they will think I'm not stable. I do work in the same field though (IT)

Monthly debt:

Husbsnd: child support act (owes 20k) pays $100 per week.
Me:
$679 car payment (owe 32k)
About $800 in student loans but they are all in deferment (owe 85k) since I'm trying to get my masters.
No credit card debt

Assets:

11k in 401k
10k in savings (down payment)

we are not paying rent (house we rented was foreclosed)  and save money every month 
We will have many 20k soon with tax refund 

Location:

Long Island, NY

Property:

Legal 2 family house
We currently live in it and it was foreclosed and bought by investor. The landlord had to move out and they want to sell the house to us. We are going into contract soon (not sure if this is a good idea considering we haven't applied)

Asking price is 300k and we will be living there and looking for FHA loan.

I have spoken to a lender and she wants to pull our credit to see where we are. Should I wait for my score to update first? I have zero inquiries and I'm honestly afraid to have her run it repeatedly. She said she can run it now and tell me where I stand.

Sorry for all the typos I wrote this quickly!

---

I'm going to say no, you won't be approved. Lenders don't care just about your scores, but your entire profile/history. My lender is pretty liberal, and I had to explain away 3 Navient late payments from 2008. 

Those lates are far too numerous and far too recent. And your income is far too recent as well.   Your DTI is also pretty high.   And Navient won't take them off, since they're accurate.

I don't intend to sound mean, but given the instability of your credit history and income/job situation, I don't think it would be wise to take on another debt right now. I think you are in serious risk of winding up in foreclosure or BK if you do.