Here's a scenario for all your mortgage gurus...
My current Ficos are TU 635, EX 689, EQ 666. My wife's Ficos are TU 642, EX 672, EQ 663. We are currently disputing some incorrect info on our credit reports that we have documentation to prove are wrong and should be cleared up in the next month or 2...so I know our Fico's will be getting a bit higher. My wife works in the financial industry and has a fully documented income of about 38k a year...I am a tattoo artist who deals with lots of cash...The only proof of income I have until next year's taxes are bank statements...and I have made approximately 60k this year. We have a discharged bankruptcy in 2005, as well as a 14k tax lien that is almost paid off but currently is showing active. This will be paid and released in about a month. We just signed a lease on a home with an option to purchase in 6 months with a 6 month extension if we need it. The home is locked in at 235k and appraises at around 310k. It was trashed and has been gutted and we are renovating it ourselves which is why we are getting such a good price on it. We are going to need 100% financing around the beginning of December if all goes well. How hard is this going to be to make happen? Will the bankruptcy and tax lien automatically force us into sub-prime even if we can get our ficos up to 680-700 midscores? Any help, comments, suggestions, etc. are appreciated...We're in Arizona if that helps at all. Thanks!
-- Eric
