01-11-2012 04:49 PM
01-11-2012 07:57 PM
01-11-2012 08:07 PM
My suggestions, based on new information - put off buying a house for a yr.
1. Pay off CA.
2. Pay off timeshare.
3. Work to pay down car.
Have you heard about snowballing your debt? It works well, if you stick to it. Put every penny you have into paying off your debt early. Since the timeshare is the smallest debt, pay that one off first. When I snowballed a debt, I would make 2-20 payments a month. Every little extra went into the debt. It made a difference.
A lender will look at DTI ratio. Right now, if I did the numbers correctly, your DTI ratio is 15%. Lenders dont' want to see it more than 25% (29-30%) including mortgage, escrow, and HOA (if you have one). Delete timeshare payment, DTI ratio is 12%.
01-12-2012 05:37 AM
Add to your savings and pay off debts (i.e. medical collections). Ask for a pay for delete. In your case I'd wait for my scores to rise before applying for a mortgage. Resign your lease for another year, work on your credit, and then apply. That's my two cents.
04-26-2012 06:48 PM
04-27-2012 04:50 AM
I am bumping my own post to send shout outs to MissMia and Scope to name a few! I decided to apply in January anyway because I felt my scores were strong enough. I am glad I did. I am officially a homeowner and I would not have been able to do it without the support of Myfico family. Thanks again & God bless!!
As i have told you before you are very blessed and you followed your heart and not what some people here encouraged you to do which was to wait to build your scores higher. Again, I am very proud of you becoming a homeowner... I will be next