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Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

I Want a House for my Family

Hello,

 

I am wanting to rebuil my credit.

I have a 2,000 dollar loan from my bank. 2 years at 7% intrest. Pay 90 a month. I have 1,400 left to pay

walmart credit card @ 3,000 maxed out at 3,400 lol

Chase Slate 200 maxed out (no intrest)

Bestbuy 400 maxed out

my other local bank card maxed out @ 500

capital one maxed out @ 500

Meijer maxed out @ 600

 

 

total debt is 7,000

I have 14,000 to 17,000 dollars coming to me in jan an feb.

 

My Fico is 598 b/c of UTI

I am paying of all my debt in January. I may keep my loan open though.

 

 

I am in college and have two kids @ age 21

 

My income for last year and this year is about 17,000 not incluing my 9,000 income tax and 630 in food stamps a month and free health insurance for my whole family.

I also get 10,000 in student loans a year and my wife is starting school in the spring. I am just now finishing up my first semester. I have a 4.0 gpa :smileyhappy:

 

My emplyment is all over the place. I always have a job except once where i did not work for 3 weeks. (took a vaction for myself inbetween jobs)

 

 

-----

How can I get a 70,000 dollar house? Or what can I start doing now to get a house as soon as possible? It is very important to me to have a stable home for my family. I was looking @ credit unions but they require to be employed by one of their MEMBER companys. Is my best bet to start talking to my local bank you gave me my first loan? I had to secure this loan with my OLD car an have a co-sign.

 

 

What I know:

-- pay of all CC

-- No more app for CC

--Stay emplyed

--Save for downpayment (3,000?)

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Regular Contributor
User273165
Posts: 133
Registered: ‎03-29-2009
0

Re: I Want a House for my Family

Once you get your UTI down that should help your scores a lot.

If you go with an FHA loan you onlu need 3.5% down but you need steady employment and income for the past 2 years.

It is definitely a good idea to go through a bank you already have a good relationship with. If you have missed payments or anything than you should look elsewhere.

Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: I Want a House for my Family

I pay all my bills on time. steady emplyoment as in same job for 2 years? If that is the case I will not have steady employmeant for several years. I work in factorys and warehouses. I do not expect to have the same job for awhile untill I at least get my assocites degree.

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Regular Contributor
User273165
Posts: 133
Registered: ‎03-29-2009
0

Re: I Want a House for my Family

2 years steady employment and they usually want it at the same company or in the same field.
Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: I Want a House for my Family

I hope my local bank will work with me then. I went from factory an warehouse work for the last two years then got a job in a nursing home b/c I was going to school to be a nurse. Found out after working in a nursing home that nursing is not the job for me. So now I am switching majors to IT work. I am now back in a factory and am working on getting a job in a datacenter. Kina makes since to work in a field that I am going to school for. I am sure if I work hard enough I have to be able to get a homeloan in a year or two as long as I keep my annual income @ 17,000 or higher.

 

Thank you for your help AJC1987

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: I Want a House for my Family

Hi! 

 

I see that you are looking at the possibility of a mortgage in the future...   since that is the case; you are definately in the right forum.

 

Below is a short list of helpful mortgage loan related links that may help you prepare for the process:

Guide to Common Abbreviations - Barry

 


Mortgage Acronyms & Abbreviations (what does PITI mean?) - ShanetheMortgageMan

Good Faith Estimates Explained - ShanetheMortgageMan

 

The Mortgage Pre-Approval Process - ShanetheMortgageMan

 

Evaluating Conventional vs. FHA (VA & USDA)- ShanetheMortgageMan

 

Definately feel free to post any questions you have about the process!   In addition, you may qualify for downpayment assistance as well as other programs to help you get into a new home!

generally speaking; you need to have 620+ scores; clean history for 12 months; and employment in the same line of work for 2 years. They make exceptions if you get a job in your degree field and have only been at the new job a little less than 2 years.

 

Best of Luck to you!

 


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Senior Contributor
fishbjc
Posts: 3,439
Registered: ‎11-30-2007
0

Re: I Want a House for my Family

How fantastic that you're 21 and already thinking about a home of your own.  Stick with this forum and read, read, read.  The wealth of information is like winning the lottery.

 

 

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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
0

Re: I Want a House for my Family

And hopefully stop maxing out your CC's and counting on windfalls/tax returns/inheritance/etc... to bail you out.

Having a mortgage plus cards AND maxing them out can lead into dangerous grounds.

 

Good luck though.

Follow my financial journey: http://www.frugalrican.com


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Established Member
blackdust
Posts: 63
Registered: ‎11-25-2012
0

Re: I Want a House for my Family

I am going to try for a home loan with my local bank next febuary. I will have all my CC paid off and hopfully a very high credit score. For a 70,000 dollar house I want to put 15K - 20K down. Hopefully I will be able to get a home loan. Buying a house makes so much sense. a morgage would be about 400 compared to rent at 600. with the extra 200 saved each month I can throw in the bank to fix the house and for unexpected expenses. I am just wondering if I would be accpted for a loan though with having student loans. I am also thinking about looking into a USDA loan since living the country is more my style.

app free since 11/24/12 In Garden Until December 31st 2013
Walmart Discover 3,000 : Meijer 600 : Local Bank Card 500 : Capital One Platinum 500 : Best Buy Reward Zone 400 : Chase Slate 200
Member
Jessierjohns
Posts: 18
Registered: ‎10-11-2012
0

Re: I Want a House for my Family

Hi Blackdust I think you are on a good road once you pay down your cc's. I, too, was high on utilization with my cc's and once I paid them down and got some collections deleted, went up over a hundred points. Paying down those cc's was the best thing that happened to my score. Good luck to you and your family!


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