Mortgage Tangible for 2018?

[Anonymous]

My goal is to achieve 640 Mortgage Scores so there is less hoops to jump through.USDA Direct or FHA. IF I were to obtain this or IF I cant, what should I expect realistically? Even a chance to get Mortgage this year?  Aside from GW campaign to Capital One Auto, is there something else I need to consider? Appreciate any help or words of encouragement.

1. Mortgage Credit Scores:

• (2/22 myfico 3B)EQ-568,TU-591,EX-614

2. Credit Negatives:

• Capital One CC(EQ,TU,EX)Closed,CO 12/16,DOFD 6/16,Balance $899
• Capital One Auto Fin(EQ,TU,EX)Current,10 30d late,3 60d late,DOFD 12/15, Most Recent late 3/17
• Tidewater (installment)(EQ,TU,EX)Closed PAG 3/15, 1 30d late 11/14
• Ch7 BK discharged filed on 4/11(TU,EX)

3. Gross Income.  

• 48k

4. Source of income.

• Full-time Job

5. Monthly debt payments. 

• Capital One Auto $468
• Comenity/Overstock $0
• Discover It Secured $10-$20

6. Employment

• Fulltime,Current 16mo.,Industry 10+yrs

7. Assets/Reserves. 

• 401k, $2500
• Possibility of DPA

8. Location: 

• Kansas, Rural Area

9. Property Description: 

• Single Family

10. Property Value. 

• Ideal Purchase $130k-$170k

11. Occupancy.

• Primary, Household of 7

12. Transaction Type.

• Purchase, First Time

[Anonymous]

My goal is to achieve 640 Mortgage Scores so there is less hoops to jump through.USDA Direct or FHA. IF I were to obtain this or IF I cant, what should I expect realistically? Even a chance to get Mortgage this year?  Aside from GW campaign to Capital One Auto, is there something else I need to consider? Appreciate any help or words of encouragement.

[Anonymous]

1. Mortgage Credit Scores:

[Anonymous]

2. Credit Negatives:

[Anonymous]

3. Gross Income.  

[Anonymous]

6. Employment

[Anonymous]

12. Transaction Type.

[NC_Mtg_Loaner]

I think you'll be fine pretty soon (in a few months) but it's going to be up to you to ensure you NEVER make any payments LATE and that you manage the utilization ratios of your two revolving accounts properly.   (most folks agree here that you want to carry small balances on those 2 cards--one of which now is $0).  Delinquencies after a BK tell a lender that you haven't learned your lesson so I'd think you might want to get them paid off if possible. 

Look at how your last 30 day late mark  (Capital One Auto) has crushed your score and it's likely to be the reason you are where you are now ( 1x30 < 12 months ago) and wait a couple more months to see how you'll improve with time as that late grows to > 12 months (>24 is optimal)