Hello, long time reader, first time poster. My wife and i are preparing to get back on the metaphorical horse. We declared bankruptcy and will be post discharge on march 24th. We have worked hard to recover from the bankruptcy and look forward to owning a home again (we sold our last house, no short sale or foreclosure). I tried filling out the template and hope you all can offer any assurances to our potential for approval. We plan to go FHA.
1. Mortgage Credit Scores:
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· What are your fico MORTGAGE credit scores for each mortgage applicant?
MINE ARE EXP 692, TU 682, EQFX 668
WIFES ARE EXP 701, TU 692, EQFX 696
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:
WE WILL BE 2 YEARS POST CHAPTER 7 AS OF MARCH 24TH
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· Type: BANKRUPTCY
· Status: NO OTHER NEGATIVES
· DOFD: 12/09/2014 IS DATE ON CR, DISCHARGE WAS 3/24/15
· Most Recent: N/A
· Miscellaneous:
3. Gross Income. Gross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income.
My income is salary at about 57k, but job requires regular OT so my tax returns are always a few grand more than salary. I have received two raises
In the last 4 months.
My wife only works part time now, and has only been on her current position for about 8 months. She is making maybe 7k to 10k a year
· .
· Income is essential to DTIR (Debt-To-Income-Ratio) calculations as well as other qualifying criteria, both minimum and maximum.
· If you don't want to list your income, and just want to receive advice without addressing that part of qualifying (which is very major), just say you have enough income, no one will pass judgment, but realize the advice given may be limited in many ways.
4. Source of income. Where is the income coming from? List each source.
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· Employment,
I am an Auto Damage Adjuster, uninterrupted employment with same company for 10 years
· Salary 57000,
Wifes, is about 10 dollars an hour and no more than about 15 to 20 hours a week
If you have OT/bonus/commission income, state the history and consistency in which it is received.
I do get regular OT, usual 4 to 5 hours a week is not unusual, I sometimes get deployed to catastrophe zones where I work 12 to 14 hour days 7 days a week, this happens maybe once a year
· Pension, NA
· Social security, NA
· Disability, NA
· Foster care, NA
· VA benefits,NA
· Rental income, NA
· Lottery income, NA
· Investments NA
· Etc.
5. Monthly debt payments.
Cap one card, 25 dollar min payment 1200 balance 6k limit (likely paid off in 2 weeks)
Barclay card, 25min, 900 balance, 2k limit (this will be paid off in a week)
Kohls card, 25 min, 0 balance, 2500 limt
Car loan 415 month
My wife just got a card, 2500 limit, zero balance
6. Employment 10 years same company for my self. My wife primarily stays home with kids, works part time for last 8 months.
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· Type of employment: W-2'd (salariedpart-time, full time
· How long have you been on the job
· How long have you been in the industry/career field.
· A 2 year employment history is what most loan programs require.
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
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· Savings, 11k
· Checking 2k
· 401k 45k
· IRA
· Stocks
· Bonds
· CD's
· Mutual funds
· Money market accounts
· Any other investment/retirement accounts
· Gift
· Note: If it is a pension or retirement account that does not permit you to withdraw or take a loan against (other than for hardship), and is only able to be used after you quit or retire, then it cannot be used as reserves.
8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
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· State VA
· County(s) Charlottesville/palmyra
· City or zip(s) 22902
9. Property Description:
4 bed, 2.5 bath, sfh, gated lake community, very good condition, not sure if its occupied or not
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· Is it a single family house, condo, townhome, attached/detached, 2-4 units, 5+ units, manufactured home, a co-op, condotel, the penthouse of a 45 story apartment building, suburban, rural, a lot of acres, a working farm, a gas station, etc.
· The condition of the property is helpful, as lenders have certain minimum requirements properties must meet (working utilities, etc.).
· Occupied or vacant ... and for how long?
10. Property Value.
listed current for 225k, we wont offer that though
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· Purchase transaction: what is the home price range you are looking in, narrowed it down to, or are under contract for
· We are aiming to spend no more than 230k, ideal is around 200k
· what is the appraised value of the home
· when did you purchase your home
· what is the current outstanding principal balance
· what is the initial/current interest rate.
11. Occupancy.
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· Primary residence
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· How many people living there, incomes even if not applicant, elderly, disabled Me, My wife, and 2 kids
· Are all mortgage applicants going to be living in the house? yes
· Vacation/2nd home no
· Non-owner/rental property no
12. Transaction Type. purchase
