Need a Mortgage Lender Recent with IBR Grad Student Loans 730 FICO

[Anonymous]

Hello All, 

I am hoping to find a lender that can help me in my current situation. I am looking to purchase a $150,000 home in Illnois. I have not been working for the last 5 years but graduated in May with a degree with a focus on business and have obtained employment in a sales position with a salary of 36k plus commission. 

Income - $692 per week

First Time Home Buyer

MID SCORE - 730 (transunion) 697 (equifax) 787 (experian) - Equifax is lower because it has a 5 year old paid tax lien that should be removed

STUDENT LOAN- 50K- currently in grace from graduation but have been approved for IBR payment of  $0 starting in November 2017, my first $0 payment will be in December of 2017 and will run through December of 2018

Credit Cards - paid off every month but are showing balances on credit report - minimum payments totatl $125

Reserves in Bank Account - $16,000

No other debt

I have been pre qualified by two seperate lenders for conventional loans- one used the $0 payment for student loans, one used 1%. 

I would like to have more than one option to go with. Does anyone have any suggestions on a lender. I only have a couple more days to apply before it affects my score. 

Thank  you in advance for your help. 

[H-B]

You have two options from two different lenders. Now you know your eligibility. If you want to compare interest rate you can do online. 

[kc0039]

Sure.. We can use IBR. Show me a letter showing the IBR payments and we'll use that instead of what's on the credit report. The only thing we can't use is commission income since you don't have two years history of it.

[VALoanMaster]

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@Anonymous wrote:

Hello All, 

I am hoping to find a lender that can help me in my current situation. I am looking to purchase a $150,000 home in Illnois. I have not been working for the last 5 years but graduated in May with a degree with a focus on business and have obtained employment in a sales position with a salary of 36k plus commission. 

Income - $692 per week

First Time Home Buyer

MID SCORE - 730 (transunion) 697 (equifax) 787 (experian) - Equifax is lower because it has a 5 year old paid tax lien that should be removed

STUDENT LOAN- 50K- currently in grace from graduation but have been approved for IBR payment of  $0 starting in November 2017, my first $0 payment will be in December of 2017 and will run through December of 2018

Credit Cards - paid off every month but are showing balances on credit report - minimum payments totatl $125

Reserves in Bank Account - $16,000

No other debt

I have been pre qualified by two seperate lenders for conventional loans- one used the $0 payment for student loans, one used 1%. 

I would like to have more than one option to go with. Does anyone have any suggestions on a lender. I only have a couple more days to apply before it affects my score. 

Thank  you in advance for your help. 

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Hi Stacim,

I can get you pre-approved for a 3% down conventional loan with lower PMI while using your IBR payment not 1%.