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Moderator Emeritus
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Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

jpalacios, I agree that you probably feel like you can afford the payment. Even if you take 28% of your husband's gross income, it calculates to a payment of $1,260. However, there is the matter of those two leases totalling $1,100. That kicks your d/i ratio to over 50% on the back-end. I am not aware of any programs today that are allowing that. A few years back, yeah, but not now. Someone who is aware of one, please correct me.

Now onto the credit piece. What is on the CRs that is causing DHs score to be below 600? How is your credit?

If you started working, they would take your gross income into account as well. When I bought my first house Dec 1993, my ex and I were fresh out of college (May 1993) and she had just been working for about three or four months. I worked my way thru college (but in a totally different field and for far less pay). They qualified us based on our current incomes.
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Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
Posts: 31
Registered: ‎03-30-2008
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Re: First Time Homebuyers...do we qualify?

[ Edited ]
Well on TU we have a judgement from a repo in 2003 and we had to pay that off (paid off waiting to be removed),  there is also a capitol one credit card that shows a balance of $1200 since 2002  that we are disputing because my husband never opened that card and he already had one that was paid off and he closed so no reason to open another, and a citibank card in collections for $17000 that was charged off in 2003 and the collectors are trying to sue for but we are fighting that in court because of SOL and the amount and we disputed with the CBR's and it has been taken off the other 2,

On EX there is the judgement again but a collection for a gordan's account since 2004, husband lost his job then so that's why the repo judgement and the collection,

On EQ there is the judgement again and a credit card his mom had that's on his report we are disputing . We also had 1 credit card maxed out at $700 and a Macy's almost maxed at $600 but have paid off recently too so we feel our numbers should be going up along with the fact that everything has been paid perfectly for the past 3-4 years with no lates


Message Edited by ByrdMan on 04-01-2008 01:26 PM
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

Just edited your post to add some paragraphs to make it easier for me and others to sift through and give you help.
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Do what is true in spite of the consequences--your future is only as true as you are.
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

So, those judgments that you are citing on EQ & EX are both from the repo (which are actually deleted now)?

What's your state's SOL for both open and written contracts?
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Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
Posts: 31
Registered: ‎03-30-2008
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Re: First Time Homebuyers...do we qualify?

Yes they are both gone. Our SOL is 4 years here in Texas.
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Posts: 7,970
Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

Get your overall & individual uti down to 1-9%. They may not win the judgment, but the repo can remain for the CRTP. Texas isn't a time-barred state is it? When in 2004 did that gordan's account go bad? Don't do anything with it if it's not past SOL.

What's good on your reports?
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Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
Posts: 31
Registered: ‎03-30-2008
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Re: First Time Homebuyers...do we qualify?

All my uti is down to that..basically 1%. I don't know if it's time barred or not..not sure really what that is but the repo was paid off..it's listed as a repo then listed as a civil judgement but they should update that as being paid and the bank did say they would remove it. Gordon's went into collections 2004 but went bad before then.
 
We have the 2 vehicles paid on time along with another we have paid off previously...5 credit cards paid on time and have had for awhile..Pretty much everything else in good standing no lates. If I want t pay $1100 in mortgage with my score and rate of 6% what price of home should I be looking at?
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Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

Some states (like NY) have a time barred statute that disallows reporting of certain credit items past a certain time period (5 yrs) vs the CRTP. The state law supercedes the federal law in those instances. I know that TX has some consumer-friendly laws, but not sure if time-barred is one of them.

Anyway, DV any CAs past SOL (to make sure they are the ones who you ought to be dealing with). If the CAs are already paid, then GW them.

Pulling out the ol' HP (1989), the P&I of $1100 for 30 yrs @ 6% would yield a borrowing amount of $183,637.44. Don't know what your taxes and insurance are. Let's assume $300 for T&I, you could borrow $133,600.

HTH
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Do what is true in spite of the consequences--your future is only as true as you are.
Valued Member
Posts: 31
Registered: ‎03-30-2008
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Re: First Time Homebuyers...do we qualify?

Taxes are $1400 yearly with insurance $800  yearly. We figured with 56k income, $1100 vehicles we could pay $1100 mortgage at 6% and my husband also gets monthly clock work bonus of $1000 also but we are still told no just $92k even with bring his score up because of the debt to income ratios they are using.
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Posts: 7,970
Registered: ‎12-19-2007
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Re: First Time Homebuyers...do we qualify?

As in my earlier post, I don't doubt that you know that you can handle it, but the bank needs a risk mitigator. What would that be? Why aren't they using his additional $1,000 per month?
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Do what is true in spite of the consequences--your future is only as true as you are.
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