Hi Shane, Do I qualify for a mortgage just yet?

[htownfanatic]

Hello Shane,

I am Looking to accomplish my goal of ownership within the next year if at all possible. I am currently in my mid 20's and apartment living is really giving me the blues. I currently pay $1080 + water and I feel that I could benefit from home ownership. It has always been something I have envisioned, and I hope that you will be able to help me. My details are below:

1. Credit. My recent discover it equifax score shows 636. CK shows 610 with about 90% utilization across all 5 credit cards. I have 5 open credit card accounts totaling $24,000 that I had to use for an emergency that came up. I will have them all paid down within the next 3-5 months (october more likely) 2 90 day lates 01/12 from student loan confusion (goodwilling now) $49k student loan debt

2. Income. Graduated 2 years ago, and have been an ebay/amazon seller as well as flea market vendor since graduation. It is very substantial  income, but mostly hobby income, and I will continue with this. I also have signed a teacher contract for $50k for the upcoming school year (I am concerned about establishment of income, and how long I have been working along with time length requirements for approval) Will ebay/amazon/flea market income count?

3. Source of income. Employment starting August 14', previous/current ebay/amazon/flea market sales

4. Monthly debt payments. My car 694 per month. Rent 1080, Student Loan Payments: $550

5. Employment (for those who are employed). Will began teaching contract in august and continue with hobby income

6. Assets/Reserves Emergency fund of $1k. Will have $8k in saving by time of application

7. Location. 77337, harris county

8. Property. Is it a single family house.

9. Value. Approximately 250-325k

10. Occupancy. Primary residence

11. Transaction Type. Is it a purchase

[DallasLoanGuy]

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@htownfanatic wrote:

Hello Shane,

I am Looking to accomplish my goal of ownership within the next year if at all possible. I am currently in my mid 20's and apartment living is really giving me the blues. I currently pay $1080 + water and I feel that I could benefit from home ownership. It has always been something I have envisioned, and I hope that you will be able to help me. My details are below:

1. Credit. My recent discover it equifax score shows 636. CK shows 610 with about 90% utilization across all 5 credit cards. I have 5 open credit card accounts totaling $24,000 that I had to use for an emergency that came up. I will have them all paid down within the next 3-5 months that should give you a real good score boost. so your scores will be fine. (october more likely) 2 90 day lates 01/12 from student loan confusion (goodwilling now) $49k student loan debt

2. Income. Graduated 2 years ago, and have been an ebay/amazon seller as well as flea market vendor since graduation. It is very substantial  income, but mostly hobby income, and I will continue with this. I also have signed a teacher contract for $50k for the upcoming school year (I am concerned about establishment of income, and how long I have been working along with time length requirements for approval) Will ebay/amazon/flea market income count?  averaged over two yrs from tax return info. any deductions will reduce income.

3. Source of income. Employment starting August 14', previous/current ebay/amazon/flea market sales was your degree in education?

4. Monthly debt payments. My car 694 per month. Rent 1080, Student Loan Payments: $550

5. Employment (for those who are employed). Will began teaching contract in august and continue with hobby income  30 days of paystubs should make the teacking income ok if your debree is compatible with education. might need more info on the hobby income and see if u/w will allow. need to know how likely that can continue with the new job taking up some of your time

6. Assets/Reserves Emergency fund of $1k. Will have $8k in saving by time of application

7. Location. 77337, harris county

8. Property. Is it a single family house.

9. Value. Approximately 250-325k  will depend on the hobby income question. too much house for just the teacher income

10. Occupancy. Primary residence

11. Transaction Type. Is it a purchase

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