2000 credit limit
Cap one cc - 500 limit / 0 bal
Boa cc student - 500 limit / 0 bal 1 late 2011
Boa 123 rewards 1000 limit / 0 bal
Student loans all loans are in repayment status
1631.76 / 1 late payment - 50 a month
1549.76 / 1 late payment - 17.59 a month
2279.43 / 1 late payment - 27.09 a month
2066.39 / 1 late payment - 23.45 a month
Collections
89 - paid july 2011
277 - paid aug 2010
79 - paid july 2010
754 paid may 2011
He is 22 and we don't have any car loans.
Boa cc student - 500 limit / 0 bal 1 late 2011
Boa 123 rewards 1000 limit / 0 bal
Student loans all loans are in repayment status
1631.76 / 1 late payment - 50 a month
1549.76 / 1 late payment - 17.59 a month
2279.43 / 1 late payment - 27.09 a month
2066.39 / 1 late payment - 23.45 a month
Collections
89 - paid july 2011
277 - paid aug 2010
79 - paid july 2010
754 paid may 2011
He is 22 and we don't have any car loans.
The late payments on all accounts are about 1.5 years old also.
Are you both joint on all the credit cards?
It just seems still like there is something else on his reports hurting his score to be sub 620. Those collections are over a year old and shouldn't be hurting his score that much. Is there anything else derogatory on his credit report such as a tax lien, judgement, or other public record? What are your husband's positive trade lines?
I still have not gotten an answer about how much you make gross without your husband's income and the home price you are looking at purchasing. You may be able to qualify on your own. For a $100K home, you would need to make at least $25K a year gross, and $50K a year gross for a $200K home (as an example).
Also, please visit the rebuilding forum here to learn how to write a GW (Goodwill letter). You will need to write a goodwill letter to the collection agency to get those collections removed. Also what is the Date of First Delinquency (DOFD) on all those collections? In other words, when were they first reported? It might be easier to wait for them to fall off if they are scheduled to delete soon.
While very few lenders are still approving sub 620 loans, it will become increasingly difficult to find them after June 1st as the FHA rules are changing and will require loans for those with sub 620 scores to be manually underwritten and a recommendation letter from a LO or Broker will be required. Even those who approve 620 loans can be hard to find. The industry standard is a 640 score. My lender required a 660 for FHA.
Lastly, how much do you have for a downpayment and when are you looking to purchase?
It just seems still like there is something else on his reports hurting his score to be sub 620. Those collections are over a year old and shouldn't be hurting his score that much. Is there anything else derogatory on his credit report such as a tax lien, judgement, or other public record? What are your husband's positive trade lines?
I still have not gotten an answer about how much you make gross without your husband's income and the home price you are looking at purchasing. You may be able to qualify on your own. For a $100K home, you would need to make at least $25K a year gross, and $50K a year gross for a $200K home (as an example).
Also, please visit the rebuilding forum here to learn how to write a GW (Goodwill letter). You will need to write a goodwill letter to the collection agency to get those collections removed. Also what is the Date of First Delinquency (DOFD) on all those collections? In other words, when were they first reported? It might be easier to wait for them to fall off if they are scheduled to delete soon.
While very few lenders are still approving sub 620 loans, it will become increasingly difficult to find them after June 1st as the FHA rules are changing and will require loans for those with sub 620 scores to be manually underwritten and a recommendation letter from a LO or Broker will be required. Even those who approve 620 loans can be hard to find. The industry standard is a 640 score. My lender required a 660 for FHA.
Lastly, how much do you have for a downpayment and when are you looking to purchase?
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He doesn't have anything else on his report that we ran l. His only positive was that his accounts have been open for 4 years. The boa 123 and capital one are joint accounts.
We have about 12, 000 for a down payment without cleaning out our savings.
Last year he made 41, 000. I just got a job about 3 months ago my salary is 30, 000. The house price range we are looking at is 130, 000.
We have about 12, 000 for a down payment without cleaning out our savings.
Last year he made 41, 000. I just got a job about 3 months ago my salary is 30, 000. The house price range we are looking at is 130, 000.
You can most likely qualify on your own with just your salary and downpayment right now. I had to get our home loan by myself. My husband did not qualify.