How much of Mortgage could I get?

Wantgdcrd · ‎05-07-2012

I would like to get a mortgage on my own name only.

My credit scores 699,692, 683 , Bkrptcy 1-2009, Discharged 5-1-2009. 9 cc included in bankruptcy. No negatives since

5 active ccs no lates , credit history 28 yrs.

Income is retired with ssdi 1688 monthly. I have 31,000 in savings. I am currently living with my Bf , He is letting his home go shortsale . I have no rental history since I have lived here for 7 yrs. I would like to get a house for 90 to 100 thousand, put down 20%. I just worry they will want a rental history.

Hawksfan · ‎05-08-2012

There are lots of calculators out there to figure it out. Do you have any car payments, cc debt, loan payments? Are you debt free completely? If you are debt free with your income I came up with about 70-80k on a 30 year FHA loan. That's with only 3.5% down. With all that savings if you put some as a downpayment you could possibly go with a conventional loan and avoid PMI if you can put down 20%. Do you have any monthly debts is the biggest questions and someone else will have to answer you about rental history and if your source of income is going to fly or not.

Wantgdcrd · ‎05-08-2012

Hi,

Thanks for the reply. I have no debts or car payment etc. I pay car insurance and health insurance cell phone 135.00 total a month. That is my bills. I have 4000 cc limit, which I keep paid down to 10%. Both my sisters here in Florida are buying homes. M closed last week USDA, they never asked for rental history SHe had no down pmt, and cs 740. J closes this week FHA and she had to provide proof of rental history she had downpmt 3.5% cs 760, 107 home, So do not understand why USDA did not ask for it.

That is mainly my concern, as I could start documents a check for rent each month, but I want to buy this year.

Hawksfan · ‎05-08-2012

@Wantgdcrd wrote:
Hi,
Thanks for the reply. I have no debts or car payment etc. I pay car insurance and health insurance cell phone 135.00 total a month. That is my bills. I have 4000 cc limit, which I keep paid down to 10%. Both my sisters here in Florida are buying homes. M closed last week USDA, they never asked for rental history SHe had no down pmt, and cs 740. J closes this week FHA and she had to provide proof of rental history she had downpmt 3.5% cs 760, 107 home, So do not understand why USDA did not ask for it.
That is mainly my concern, as I could start documents a check for rent each month, but I want to buy this year.

I don't have an answer for you about rental history but I do know your car ins, health ins and cell phone bills won't be a factor. You could have gotten your bf to write a letter saying you pay half the rent but I don't know how well that will go over with him letting the house go into foreclosure. Someone should be along shortly to give you an answer on the rental stuff.