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Another one of those "do we qualify" posts
Waiting to hear back from our broker and I'm trying to think of any possible reason why we wouldn' t be approved. We applied about a year ago and it was not good- we have been working hard since then to repair my husbands credit. We are very nervous!
Credit.
me- around 740's ( I cant apply alone-most of the student loans are mine)
Husbands EQ FICO is 666- not sure of the other two.
He has one collection showing up on one credit report for $1,300/2010/not paid.
One charge off showing on 1 credit report for $2800 from 2009. Neither one of these contact us anymore.
Paid judgement showing on 1 credit report from 2007
Income. joint income $95,100
Source of income. employment
Monthly debt payments.
credit card- $50
Student loans- $818
Car payment- $319
total monthly debt 1187
8. Employment : me 3 years at same company. husband one year at company - previously 6 years at same company before that.
9. Assets/Reserves. 30k
10. Location. MA
11. Property: single family home
12. Value. Max 250k. Current rent is $1700
13. Occupancy. Primary residence
14. Transaction Type. first time purchase.
I'm worried about his charge off and collection but I dont want to pay them if we dont have to. I dont know what they were for- I believe the collection is a medical collection.
thoughts?
conventional? fha?
Bueller? Bueller?
anyone?
Bank might not like those collection and charge offs. Are those charge off still showing the balance? Let us know what your LO said.
Yes, I think it would be easier to just leave him out if your income is high enough. I was told that you must be with the current employee for at least 2 years.
You shoul
@Clover33 wrote:Another one of those "do we qualify" posts
Waiting to hear back from our broker and I'm trying to think of any possible reason why we wouldn' t be approved. We applied about a year ago and it was not good- we have been working hard since then to repair my husbands credit. We are very nervous!
Credit.
me- around 740's ( I cant apply alone-most of the student loans are mine)
Husbands EQ FICO is 666- not sure of the other two.
He has one collection showing up on one credit report for $1,300/2010/not paid.
One charge off showing on 1 credit report for $2800 from 2009. Neither one of these contact us anymore.Paid judgement showing on 1 credit report from 2007
Income. joint income $95,100
Source of income. employment
Monthly debt payments.
credit card- $50
Student loans- $818
Car payment- $319
total monthly debt 1187
8. Employment : me 3 years at same company. husband one year at company - previously 6 years at same company before that.
9. Assets/Reserves. 30k
10. Location. MA
11. Property: single family home
12. Value. Max 250k. Current rent is $1700
13. Occupancy. Primary residence
14. Transaction Type. first time purchase.
I'm worried about his charge off and collection but I dont want to pay them if we dont have to. I dont know what they were for- I believe the collection is a medical collection.
thoughts?
conventional? fha?
You should have no problem qualifying for FHA, based on my recent research into conventional loans you might be able to qualify for a conventional if you put 10% down, but your husband's credit score could result in a higher interest rate than your credit score alone would. Your debt to income looks to be around 15% which is ok, but they will want it to be below 25% including your mortgage payment. The unpaid collection could be a stumbling block though, no matter how old lenders like to see the collections paid they may come back to you and say that they will only approve you if you pay that collection. If so I'd try to PFD with the collection agency, kill two birds with one stone, remove the debt and get it removed from your report, could get a 10-20 point bump once its removed. If you have $30k in reserves it shouldn't be that big a deal to pay a $1,300 debt,
Still waiting to hear from our broker. Should be today.
My salary alone is 59k but the problem is that most of our debt is mine. My student loan payments total 768 a month and I have a car payment of 320. My credit card has about 1500/7200 on it. Since we are in MA- the cheapest homes are still around 250k- maybe 225.
My husbands credit score this time last year was 500 so we have been working very hard on that. I dont have a problem paying the collection I just am not sure the best way to do it. Do I wait to see what my broker says? Should I try to pay less than the amount owed? Wont paying it up the date so it appears to be more current?
- The charge off and collection still show the balance I believe.
- My husband's previous job before could be considered customer service and his current job is customer service so I think we may be okay with the 2 year employment thing. I think as long as he has two years in the same field he should be good?
- Equifax is the only one showing the collection
- Transunion is the only one showing the charge off.
- Experian is the only one showing the paid judgement.
Thanks for all of your input.
heard back from our broker.
my credit score is 770- my husbands is 666.
we are meeting with him tomorrow at his office to call the accounts in question. We'll probably just end up paying everything that's past due since we are so worn out from everything. The debts left on there are most likely accurate and we probably do owe them. He said we can probably settle for less but I dont want one to come back and throw a judgement in our faces if we offer less.
Make a deal with them. Have it in writing that they will remove the negatives on your CR once you pay them. i made a mistake couple of years back when I didn't get it writing that they will remove the negative. Good luck. Hope everything go well for you.