My annual salary is $115,000 (plus 10% bonus if company meet certain annual revenue target, which we did not hit in 2008 due to economic meltdown). Been employed with my present employer since Jan 2006. My revolving credit debt is $750 (about 5% utilization), which I can pay off now if needed. My only other debt is a car loan of $800/month and a student loan of $50/month. I am currently renting for $1300 per month. I had a bankruptcy discharged in 02/2006. I had a foreclosure in 2005 that is included in bankruptcy. Since late 2005, I have re-established and no late payments nor did I default on anything.
Fico: 677 Experian; 635 Equifax and 578 TU. These were run 1/15/2009 when my revolving debt was near 80% utilization. It is now at less than 5% utilization but I havent run the new Fico scores yet. I am hoping that it had improved due to the low utilization. I have also disputed some items on my TU reports on items that are not mine or too old to be on the report.
That is my basic background that I find myself in. Right now, I am looking at buying a house around $290K - $300K in Georgia. I can put in 3% downpayment. Do you think with my situation and credit history that I can even get a loan? If so, what are the possible interest rate I can get (5%, 6%, 7%, etc.)?
I suppose I can wait a year and let some old derogatory (pre-2006) items on my reports fall off, but I can see some good bargains on houses right now and hate to miss out.
Thanks and I appreciate any input you may provide.
John
