I Purchased my first home at 20 yrs. old and 5 years later I decided to relocate. So I let my mom move into the home and continue to pay the mortgage. Well, I found out she had a lot of late payments. This brought my credit scores down to around a 570 middle value. My wife's scores are around 670. As things stand right now our credit cards are all below 20%. All my collection accounts are paid, all accounts are recent with the last late being 1 year 4 months ago. Our debit to income is, we gross around $9k ($6.4k after taxes) a month joint and all living expenses and bills add up to round $2200.
We are looking to get approval for a new home purchase but Im unsure if it will be possible with my credit scores. I account for 70% of the income so I have to be on the loan. Is waiting the only way we can achieve this, or does anyone know of any programs or lenders that could possibly get us approved.
btw we are in Georgia
Starting Score: 564
Yes the first mortgage is still active and in my name. It has been current for 20 months and the payment amount is included in my overall monthly expenses.
How late did the mortgage go? If it went 120 days late, that counts as a foreclosure. You need three years of on-time payments before getting a new mortgage. There are a couple threads where people have indicated they were able to get one inside of that time frame, but I think they had large down payments and good reserves. Hopefully you aren't dealing with lates that are that severe.
it went to 120 but, that was more then 3 years ago.