Morning Fico Forum!
I am new here After searching around online and getting what seems like a thousand different estimates I found this forum so I am hoping for some personal opinions! I don't want to waste any lenders time before I have a good idea of what I can afford.
My income: $15000 a year (low I know but I'm frugal/cheap LOL)
Down Payment: $5000
Employed: 3 years
Credit score: 591
The loan I'm looking at is USDA and the interest from what I've read is sitting around 4% currently.
I have no monthly debts such as credit cards, car payments or anything like that. I do have one small loan that went into collections in 2009 and is marked as charge off on my credit. They have offered to settle so I am debating that, they will not do a pay for delete that I've read on here, I will start a topic in rebuilding regarding this matter.
I definitely am working on improving them. I will be getting a secured card from both Capital One and Bank of America and keeping the utilization below 9% monthly for atleast 6 months to hopefully boost my score to 620-640 before I apply. I also only have 2 inquiries on my report.
$65000 isn't bad, homes in my area are cheap
Just want to comment on movingfoward home value.
While some lenders will still go 4 x your income, it is slowly starting to drop down. So as she mentioned max you probably would be approved for 60-65k may be high for some Lenders.
and will vary a little based on taxes and insurance.....