How Close Am I

[Warrior2000]

Hello all

My wife and I have been waiting to apply for a loan.

Mine EQ 675 TU 653 EX 635

Hers EQ 608 TU 624 EX 565

CH 13 BK-Mine (Discharged in 2007)

First time home buyers

4-credit cards

Hers

1-Capital One secured $0 balance $750 Limit

1-Capital One unsecured $17 balance $750 Limit

Mine

1-Capital One secured $0 balance $401 limit

1-Captial One secured $115 balance $1800 Limit

Car Loan in my name $467/montly

$0 collections/judgements

I have been at my job for 7 years and make 67K plus

My wife has been at her job for 11 years and makes 73K+bonus of 12K=85K

Baddies:

Hers

2 Dept of Education/Nelnet current with a balance of 5K combined and 5-90+ lates (we thought loan was in forbedence) Last late on Dec '13

Enhanced Recovery shows $0 balance from an old Sprint Collection

Midland Funding shows $0 Balance from an old Target Collection

Honda Finance shows 1-30 day back in 09/2008

Target National Bank shows $0 Profit/Loss because it was purchased by Midland Funding

Mine:

American Honda Finance Shows $0 balance 2-30 day late on 09/2008 and 10/2007

Santander Finance shows $0 balance and 2-30 day lates 02/2013 and 03/2013

Old electric bill from Entergy which shows $0 balance "Profit and Loss" as of 08/2008

Looking to build a home worth $320K in the New Orleans Area

We have 20K to put down from savings

Our DTI is real low because we do not have many bills

$50/montly CC bill

$467/monthly car payment (Mine)

[Anonymous]

That 90 days late on Dec 13 will kill you, you might have to wait another few months

[DallasLoanGuy]

the lates will have to be addressed with an approval in automated underwriting. you cannot get a manual underwrite with baddies post bk

[Warrior2000]

In laymen's terms..? Lol

[DallasLoanGuy]

automated underwriting:  you file will be put thru the computer. if you pass, you are ok with most lenders.

manual underwriting:  is for files who do NOT get approved thru automated. on a manual underwrite, you will likely not get approved because you have baddies post b/k(the get out of free card)

all files that go thru automated are checked manually by an underwriter. but if you pass automated, then the discrections post b/k are forgiven.

many files do not pass automated with a recent b/k.... they get relegated to a manual underwrite.