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Member
aisanart
Posts: 8
Registered: ‎06-04-2009
0

Please help Me please!!


TU: 739 as of today 11/26/2010

equifax:742

experian ?



....I told you guys about me and my spouse going in on a home together about a year ago. Now my situation has changed dramatically. I'm in going thru a separation and  went back to work full time at my previous employer now since April. I gross about $4500.00 a mth. (and my scores are still increasing since last post I believe my transunion was a 689). But. I was not working for two years prior to this year because I was told to stay at home and be a mom and maintain preparing us for the home. So I began to work on my side goals which were to open up a clothes line. While J. Worked and took care of us. I did however maintain my credit cards and have money from savings so we were okay. As I sat on my throne cooking cleaning and caring for the home, bills, school etc and managing both of our credit ratings. The car loan which was for my spouse that I got stuck with which I have in solely my name which is a lease @$389 a month and Insurance at $112 month. Will be up in September of 2011.


  • One collection IM still fighting that has not come off. (and they know IM not responsible for!! 142.00 for an electric bill I paid to NCO fin. Alliance One is giving me the runaround saying I owed them..i submitted a letter to them stating i paid NCO fin. years ago and they said they'd remove it and still havent. So i dont wanna pay it again..i want it removed!
  • carnote: 389.00 never missed a payment and no lates Balance owed $3800.00
  • I have a popular bank credit card with a limit of $3500.00 PAID never missed a payment.
  • bank of america credit card PAID no lates
  • a little more than a year ago I discontinued my sprint service they charged me a termination fee of approx, 200.00 and sent it to collections. i got an     alert via myfico.com that i had a collections from them. they didnt even send me a bill but reported to the bereaus!!
  • capital one $2500.00 limit i was an authorized user and as of this year Im removed. great thing is that was PAID and no balance and no lates ever.
  • and a tax lien from 2 years ago...im fixing that too. bc they said I owed money and they turned aroound and sent me my check back...LIKE WTF!!

so im like remove the lien since it was your error that said i owed you and once they realized i didnt they need to remove that off my credit reports.

 

I have been smart up to this point where i have guided my Significant Other into the right direction of money/credit management and managed to dispute over $ 40,000 in debt. and helped pay and clear $12,000 student loans. I've lost sleep up late at night faxing and crying over things that my SO wanted but because of their credit issues we didnt have...

WE have 2 new cars a Honda Lease and a Nissan maxima purchase. with 0% interest. 3 laptops in one home. a brand new motorcycle paid in full cash..58 in. TV shopping everyday just to make me feel good bc the overtime we dont spend enough time together.

we didnt need anything! I just wanted my SO to feel as if whatever we wanted we could have.

I have taken this person from a 434 score from the first day me met when J came to me asking for a loan of $30.000!! with ONLY 27 inquiries and 19 open accounts all delinquents and no pays because they didnt know the value of a score.never taught how to live as an adult.

living at home with mommy and not even paying a bill there. with an income at the time @$53,000. with a car loan of $700.00. and insurance at $500.00 plus.

it was like this person was sent out of a movie and i was suppose to do all i did. I did it because i wanted to. I did it because i cared. I did it because i thought we were growing together. i dont regret But Im just saying. I have learned to continue to build for myself as i was taught to. If i wouldve put all i put into J into Me i would be closing on a home.


Now last month With this good credit and money from the pension my EX SO just closed on a home!! i had no say about anything i wasnt even in the know of J shopping!

A $379,000 home at that.with an int. rate of 4.7 A single fam home that sold for 199,000 the month prior and the year before that for less. I did some homework.

Im am renting a space at my familys' house which i have never been subjected to because i was never in a situation like this.

but while I find closure I need to prepare myself for the world I left to become a dummy.and realize that that SOB knew exactly what they were doing. using me to make better.


GLAD UR STILL READING...




NOW I NEED ANSWERS..

im a single mom 1 child

a job of 8 months with annual income showing approx. 29,000.00

I have a savings of 13,000.00. not including my sons savings of 3,000.00

and other monies in bank accounts averaging 1500.00 in each.

i will be filing my income taxes this year, (i was told not to last year by my spouse who claimed the child and kept all monies)

and you know whats on my credit reports just those 7 items.

 

CAN I APPLY FOR A HOME MORTGAGE NOW ALONE WITHOUT MY ex SO SIGNING WITH THEIR INCOME? (Which is now 90,000 a yr)

IF I FIND A HOME FOR JUST UNDER 200,000 (where i live you dont get much for that)

and i can afford a mortgage payment of about 1500.00 MAX with taxes and ins.

my car loan is going to be paid off in september. so i wont have that expense.

I want to buy a home right after i file my taxes so that i could show income..

Am i on my way to getting out of my dilemma and buying a home here to live versus renting?

or should I pack up my son and home belongings and move to a state where the homes are cheaper? Dont answer that:smileyhappy:

 

hopefully a FHA loan with 3.5% down. is it possible to buy now? or do i need to wait to prove income? i need help ASAP

 

thanks.....all comments are welcomed..

I dont offend easy.

Thanks guys,

A


 

 

 

 

 

 

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Please help Me please!!

Sorry for all your mishap's, but on the good side better to find out now then later. 

 

I believe you will need 2 years of continuous employment. Even if that is the case which I believe it is, look at it in a positive fashion. It will give you time to fix the error's still on your CR's, it will give you time to finish paying for car, it will give you time to save few more dollars towards downpayment, and closing. 

Good Luck
May all your dreams and wishes become a reality!
Regular Contributor
jahmal
Posts: 181
Registered: ‎08-13-2008
0

Re: Please help Me please!!

Wow, what a loser.. That's why it's good to have friends who like using their keys  :smileyvery-happy:

 

 


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

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Moderator Emeritus
MarineVietVet
Posts: 14,153
Registered: ‎07-14-2009
0

Re: Please help Me please!!


jahmal wrote:

Wow, what a loser.. That's why it's good to have friends who like using their keys  :smileyvery-happy:

 

 


Can you explain what you mean by that?

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
0

Re: Please help Me please!!


jahmal wrote:

Wow, what a loser.. That's why it's good to have friends who like using their keys  :smileyvery-happy:

 

 


Nah, I would check with a lawyer and repo the car.

 

Selling the card would add 500 to your income and help with the mortgage payment, though  you might want to rent for a year.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: Please help Me please!!

Your job history may not be that big of a deal.  When you have an extended absence from the workforce, FHA requires you be back on the job for at least 6 months (which you have been, since you started in April of 2010) and that you can document the reason for your absence (having a spouse who was the breadwinner, and you raised the family, is a commonly acceptable reason) and that you can document a 2 year employment history prior to the absence (which it sounds like you may be able to, since you said you went back to a previous employer).  If that sounds like it's you, then you should be able to use the $4,500/mo income that you say you are making to qualify.

 

It wasn't really clear what type of monthly payments you have, it sounds like you have a lease at $389/mo + $112/mo (total of $501/mo) and then another car loan also at $389/mo with $4k left on it?  Wasn't sure if that's correct.

 

If so, your debt ratio is a little on the high side, about 51%, assuming that taxes run about 1.25% of the sales price in your area, and that the insurance would be in the $900/year range.  Not to say that couldn't qualify, but you'd have to exhibit some good compensating factors such as good credit scores (which a 739 score would be) and reserves/assets available after closing (which you'd only need a $7k down payment on a $200k sales price), and there it sounds like you have $17k+ in your name so if you can get the seller to pay closing costs you should definitely be good in that department too.  I'd also recommend you document that your husband pays the car lease in your name, it wouldn't be able to be excluded from your debt ratio but it certainly helps an underwriter feel more comfortable approving that higher debt ratio (without that lease, your debt ratio would be at 39%, right where FHA likes it).  But because of the debt ratio at 51%, I could see an underwriter wanting you to have at least 1 year on the job.  If you plan on applying after your 2010 taxes are filed, you should be close to the 1 year mark.  You should also file your 2009's if you haven't already, as the underwriter will verify that they've been filed.

Member
aisanart
Posts: 8
Registered: ‎06-04-2009
0

Re: Please help Me please!!


ShanetheMortgageMan wrote:

 

It wasn't really clear what type of monthly payments you have, it sounds like you have a lease at $389/mo + $112/mo (total of $501/mo) and then another car loan also at $389/mo with $4k left on it?  Wasn't sure if that's correct.

 

If so, your debt ratio is a little on the high side, about 51%, assuming that taxes run about 1.25% of the sales price in your area, and that the insurance would be in the $900/year range.  Not to say that couldn't qualify, but you'd have to exhibit some good compensating factors such as good credit scores (which a 739 score would be) and reserves/assets available after closing (which you'd only need a $7k down payment on a $200k sales price), and there it sounds like you have $17k+ in your name so if you can get the seller to pay closing costs you should definitely be good in that department too.  I'd also recommend you document that your husband pays the car lease in your name, it wouldn't be able to be excluded from your debt ratio but it certainly helps an underwriter feel more comfortable approving that higher debt ratio (without that lease, your debt ratio would be at 39%, right where FHA likes it).  But because of the debt ratio at 51%, I could see an underwriter wanting you to have at least 1 year on the job.  If you plan on applying after your 2010 taxes are filed, you should be close to the 1 year mark.  You should also file your 2009's if you haven't already, as the underwriter will verify that they've been filed.


Hi Shane

Thanks so much...I was hoping you had responded. This really was a question and cry out for help for you.

I remember last year when you responded to something i wrote you said that i didnt qualify and right now and my spouse would have to sign alone and you know what ...

you are the inspiration that i need to make things work....To atleast have the encouragement to do this alone now that I'm alone.:womansad: I have been crying my eyes out  this whole ordeal. I could go on and write a book on how I feel right now but really I've never felt like this.

FHA lenders will allow 36-39% of carnote right? Because the lease is one of the two bills on my report. Of the total 5 things total.

Oh no just the ONEcar payment of 389 and the balance owed will be $2739.00

The car payment is $389 a month

the car insurance is $112 a month

I have one credit card payment of 70.00 a month and i build my credit with that card with the 3500.00 limit. (with no balance owed right now.)

i removed myself from the nissan loan and it doesnt report on my credit report.

So thats all i owe a month. 389+112+70( but the 70 isnt due now)

I believe with a 739 score as of a couple of days ago it will grow bc Ill have a balance owed on the lease of only $2,723 if its 7 payments left if i wait til february to apply. I just wanna be as high as possible in the score. and have that acct with Alliance One  for $142.00 that ive been disputing taking off entirely.

My spouse claimed me and my son i believe in 2009. so should i show the underwriter the proof that I was claimed. and i was not working bc i was a stay at home mom...will they need that?

I did file for 2008 so shouldnt i show them that? that will help me correct?

so can you calculate my income to debt ratio again?

I will be looking for the seller to take care of the closing costs and I have the funds to put down to satisfy the bank. so this will work for me.???

 

if you feel that there is anything else that may help me quicker please feel obligated to let me know. (thanks)

 

Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: Please help Me please!!

I thought it was kind of odd you would have two car payments identical at $389/mo.  So since you only have the $389/mo car payment, $112/mo insurance payment (this is only included in your debt ratio if it is part of the car payment, if it is paid separately then it is not included in your debt ratio), and $70/mo in minimum credit card payments, your debt ratio would actually be 43.9% instead of the 51%... and with your credit & reserves that debt ratio will without a doubt qualify.

 

As far as documentation, after you filed your 2010 taxes, be prepared to provide your loan officer:

 

1.  2009 & 2010 tax returns (including all schedules)

2.  2010's W-2 for your current job

3.  Paystubs for the last 30 days (at the time you apply)

4.  Bank statements for the past 60 days (at the time you apply)

5.  Letter of explanation about your employment history/job gap

6.  The last 2 consecutive years W-2's from your employment prior to your job gap

7.  Letter of explanation about how your ex-spouse pays the car lease that reports to your credit

8.  Copies of the cancelled rent checks you pay to your parents to rent out space at their place (pay by personal check only, no money orders, no cash), they may or may not be needed

9.  Valid photo ID (like an unexpired drivers license)

10.  Copy of Social Security Card (for Patriot Act compliance)

 

Glad I could help and inspire.


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