LO's please make me a homeowner

[XAVIERSMAMA]

Before I officially apply, I'd like to know what I can do to improve my chances of getting an approval and what the likely timeframe to accomplish this will be.  Here is my info:

EQ 610 9/9/09

TU 593 10/1/09

EX ?

NEGATIVE

Chap 7 BK discharged 11/07

CA $108 reported 5/09 (EQ only was discharged in BK disputed and already removed from TU)

CA $1020 reported 4/09 (scheduled to fall off 12/09 TU, scheduled to fall off 1/10 EQ)

SL bal $27529 payment $116 90 day late 7/07 no lates since

POSITIVE

walmart opened 3/09 cl $800 bal $234 (currently $65) never late

HSBC opened 12/07 cl $600 bal $553 (currently $156) never late

auto loan opened 9/07 balance $13312 payment $362 for 48 months (2 years left) never late

I have 2 jobs and I will have 2 years in at each as of 12/09. 

My yearly gross for 2008 was $39806.40 

This year I will make approximately $43000. 

I have $3000 cash on hand.

I can also access approximately $5000 from my 401k if need be.

What are my options to improve my file and a reasonable time period I could expect to be "approvable" given the info I've given?

Thanks in advance

[ShanetheMortgageMan]

*POOF*!  OK not that easy...

But my advice get at least 2 scores up to 620, GW the SL late in 2007, try to negotiate a PFD on the collections... negatives after a BK isn't instant death to a mortgage approval, but since there are 2 CA's within the past 12 months, and after a BK, underwriter will need the best reason possible for the negatives occurring.

[XAVIERSMAMA]

Thanks for replying Shane.  I have already sent off the GW for the SL and as far as the collections go, they are all pre-BK that were discharged.  The $108 I have already had removed from my TU, I'm still waiting on dispute results for EQ and EX.  The $1020 was also included in the BK but the CA changed the amount so it doesn't match the info listed on my LOC.  This CA is the 3rd or 4th that's received this account and I had no luck getting info directly from the OC.  In the rebuilding forum the consensus was that since it was scheduled to delete from the report in 12/09 TU and 1/10 EQ to just leave it alone and let it do that.  So, technically I've had perfect credit since the BK discharge.  Since my discharge  I've had 4 different CA's send me letters regarding debts that were discharged, I give them my attorney's info, and then 3-4 mos later they appear on my CR.  I dispute them and they fall off and then the cycle starts again. So frustrating.  I know the reason they are doing it is so that I'll be in the exact position I am right now and that I'll offer to pay them, even though I'm legally not responsible for it.

[ShanetheMortgageMan]

Oh I see, it's just a repurchased collection account... well I'd say let them age off, appears since it's so close to the SOL they are trying to get it paid at the last second.

[XAVIERSMAMA]

Progress, my EQ went up 16 pts today

TU 593 10/1/09  - what a bummer I didn't wait a day to pull this one

EQ 626 10/2/09

[Anonymous]

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@XAVIERSMAMA wrote:

POSITIVE

walmart opened 3/09 cl $800 bal $234 (currently $65) never late

HSBC opened 12/07 cl $600 bal $553 (currently $156) never late

Thanks in advance

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You can probably get yourself a few more points getting one of these cards to report a zero balance and the other to report a balance less than 9% of the limit.  Good luck!