No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I haven't been on here in what seems like forever. I have made some good and bad credit decisions during my hiatus. Basically I want some advice from those who know.
Situation:
Me and DW are looking to purchase a home around 2017.
Concerns:
Too Many CC accounts, score, income, AAoA, baddies, and Down payment.
Unknown options needing information:
FHA Vs Conv.
Any advice you can offer I will be glad to hear. I am looking for every bit of information I can get to prepare over the next 1.5-2 years.
Getting a USDA loan depends on your income level and your debt above. USDA has a cap on how much you can earn in a year. To find out if you qualify, go to google and search USDA in your state.
On that site you will see a link on the left for income levels. The Direct loan is for really low income levels and also can take a long time to process. It depends on the funds and if they are still available. You may end up waiting until next years budget allowance for your loan.
The Guaranteed loan program is different in that you go through a qualified mortgage lender for your loan instead of direcly through USDA. That lender will tell you upfront if you qualify.
I am using the Guaranteed option but both are a great program.
In many states, the Direct loan can take up to 9 months to process and most sellers don't want to wait that long.
Again, find the USDA site for your state to get more information.
Not to get too personal but why such expensive vehicles? If you were to get a cheaper car you could save a ton towards a house.
@Rlandon87 wrote:I haven't been on here in what seems like forever. I have made some good and bad credit decisions during my hiatus. Basically I want some advice from those who know.
- Credit. Mine- 644, DW-720 I have a paid collection and 2 charge off accounts from GECRB. Those are both paid and all 3 are from 01/2010. I also have 5 accounts showing 30-120 days late (Each account has no more than 4 missed payments) The most recent missed payment was 04/2012 it was a 30 day late. I have no other negatives. The negatives were due to moving/losing job due to a loss in my family and most of the lates were on student loan accounts. It should be noted that the collection was in the amount of 1500 owed to a college. I paid it in full 5 months later to General Revenue Corp, i have tried everything to get this removed. DW has no baddies. I have an AAoA of 3.4 years with 15 "new accounts" the newest being 4 months old, oldest accound 8.3 years. I have 19 CC accounts, yeah i know. My Utilzation is at 45% right now but will be down to 5% or less when the time comes to apply for morgtage. by the time you apply, your should be well over 680, especially if the utilization is paid down.
- Income. Mine- 65000 DW-25000.
- Monthly debt payments. Me- $630 Auto Loan (Should be paid right at time of Morgtage app) and $450 student loan. DW $500 auto loan, only will have 2 years at time of Morgtage app. No other monthly payments.
- Employment Both full time employed. I have been for 3 years same job, DW 2 years same job, both can provide proof of income. Both can provide proof of constant employment for 10+ years
- Assets/Reserves. We will have approximately 12000 in savings for closing costs/dp. I will have a 45k vehicle paid off. I dont want any other assets considered. It should be noted Arkansas has a program offering 6-10k down payment assistance. make sure arkansas program income limits are ok with your income. a loan against paid off auto is acceptable fr down payment and closing costs if needed.
- Location. We are looking to move to Maumelle, Ar 72113
- Property. Single Family, in middle of city, will be a newer built home in good condition.
- Value. 175-215k.
- Occupancy. Primary.
- Transaction Type. Purchase, first time home buyers
Situation:
Me and DW are looking to purchase a home around 2017.
Concerns:
Too Many CC accounts i dont care about number of accounts, score, income, AAoA, baddies will be much older which will help scores a lot, and Down payment.
Unknown options needing information:
FHA Vs Conv. conv if you can
Any advice you can offer I will be glad to hear. I am looking for every bit of information I can get to prepare over the next 1.5-2 years.
In 2 years time as long as your utilization is under 5 and no more baddies you should have no problems at all. I'd try to GW the 30 day late. It might be old enough to not be a threat to a lender but it's not going to be old enough to not impact your score.
We have moved our timeline up to 10/01/14! Me and DW found a home that we "can't live without" which literally just mean has every thing were looking for. So what are our chances of getting approved?
We are attempting a USDA guaranteed loan
So can we get it? and should i have dispute comments removed. Nothing is in dispute and the comments say "Customer disputes after investigation complete"