New Mortgage in 6 months!

[dallasjetfan]

Here is my situation:

I have a discharged BK from 3/06. My current credit scores are TU=634, EX=663, EQ=643. They are probably a little higher since I have paid off 2 credit cards since I pulled the scores. I am self-employed and make about $84,000/year (only for last year though). My income will be that plus some this year. However, it will show much lower after deductions. It will be tough to show much the last three years tax returns as I didn't claim much.

My current debt load is:

Cap One Auto Loan: $20,000 ($533/month)
Capital One CC: $2800 (CL=$3250)
GEMB: $2150 ($3500)This one is for my LASIK surgery with 0% for 18 mo.
US Airways: $1450 ($1500)
Student Loan: $13,000
Hooters: $0 ($1100)
Walmart: $0 ($150)

I will have Capital One and US Airways CC's paid off within the next 3 months. GEMB will not be paid off unless I need to because I have 0% interest.

My questions are how can I get a mortgage? Actually what do I need to do to position myself for a mortgage? How much down payment? Will/are there still stated income loans? Credit score needed? Thank you!!

[dallasjetfan]

Shane, do you have any ideas for me?

[ShanetheMortgageMan]

Your qualifying income is the amount you've made, less deductions... so that information will be needed for me to evaluate.  Stated income loans these days require a 680+ score, although most lenders are requiring 700 or 730's... and 5-10% down.  I think we discussed things in early January and I figured out you'd need at least 10% down, perhaps even 20% down.

[dallasjetfan]

So, basically if I can get my score to around 720 and at least 10% down, I should be able to do a stated income loan?

[ShanetheMortgageMan]

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dallasjetfan wrote:
So, basically if I can get my score to around 720 and at least 10% down, I should be able to do a stated income loan?

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Based on today's guidelines, yes.