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

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

I am new to the forums and I want to know if I prequalify for a mortgage...heres my long story.

My Transunion 689 09/09/09

equifax            696 07/23/09

and experian    698 07/23/09

 

I have only 5 accounts on my credit report

 

1. A  BOA CC  Paid Never Late (Closed)

2.Car Loan w/a $9,000 balance Paying Never late (Current)

3.Cap One CC Paying Never late (Current)

4.A Credit building Mastercard $ 7.00 installments Paid Never late (Current)

5.A Collection Acct since 2008 (Currently disputing)

note:( I don't want to pay it even if its only $142.00  I want it removed entirely. Because I don't want it on my report at all. It's an Energy Bill I paid to NCO fin. 2 years ago. NCO fin.then .removed it in 2008.

Now Alliance One says I owe them! (wtf!):manmad:

Finally I have the letter today To fax to the Energy Co. and Alliance One to show I paid in full. So hopefully that will be removed, any day now.

 

So I am Self employed and don't make a lot of money. So thats pretty much no employement.

My bank account has a steady balance of a couple of thousand dollars. I havent filed taxes this year beacuse I had only worked 3 months in 2008 due to an accident in 2008 so i figured it ll be a waste. . My spouse claimed me.

I did however file taxes for 2007and had gotten back a pretty pennie so i figured i'd used that for proof of my down payment. Can I do that?

I also figured since My Spouse filed for taxes with me I would use that filing as proof as well...Can I do That?

 

My Significant Other and I were both going to go down on paper for the loan. Because their employment and salary is enough to get Us the loan We want. But my scores are higher. and I have less accounts on my reports.

My S.O. scores

Transunion     623 09/07/09

equifax          625  09/08/09

experian  unknown

 

 

Frst Prem CC Paying Never late (Current)

A Credit building mastercard $7.00 installments paying Never late (Current)

Frst Prem CC  Acct.Stolen Never late (Closed)

Charge off of $626.00  insurance delay (currently disputing)

3 Student loans w/ a total balance of just under $3,000 will be paid off by Nov.09

5 Recent inquiries 05/09 and 06/09

6 old inquiries 3 to be removed by 11/09

 

 I am leaning more towards going alone...Can I do this? w/o having heavy employment?

If My Scores are high enough or if I Reach 700, will the banks say they will give me a mortgage if I dont have that heavy income?

 I am looking to purchase a little piece of property for $50,000. My first property as well.

 

HOW DO I PreQualify???

 

 

 

 

 

 

 

 

 

 

 

 

Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

If youhave not been employed regularly, then no, you will not be able to get a mortgage.  Will self employment, they will average the last 2 years tax returns after write offs and that will be your income for the loan approval.  That said, if you were unemployes for a signinficant part of last year then you are unlikely to be able to get a loan.
Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

As mickie said, you can't get a mortgage if you don't have the employment history and income to support it. However, your significant other may be able to qualify without you. FHA requires a 620 mid score.
Member
aisanart
Posts: 8
Registered: ‎06-04-2009

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

If My S.O. goes on paper will We prequalify? That was the other part of my question?
Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

What is your SO income and what are the monthly debts.  How long had SO been at job, is it W2, 1099, Self employed...  Any BK or foreclosures?  Any lates in the last 12 months?
Member
aisanart
Posts: 8
Registered: ‎06-04-2009

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be



mickie08 wrote:
What is your SO income and what are the monthly debts.  How long had SO been at job, is it W2, 1099, Self employed...  Any BK or foreclosures?  Any lates in the last 12 months?
$70,000 plus w/o OT $90,000 w/OT
400.00 month student loans taken from payroll biweekly
credit card payments kept low @30.00 month for credit building only.
7years  Law enforcement
No BK and No foreclosures
 No lates in over a year on a paid off Auto loan.
I have really been keeping close watch daily...on our credit.

 

Super Contributor
ShanetheMortgageMan
Posts: 7,753
Registered: ‎09-28-2007

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

Your SO would be fine to qualify for a $50k home, but you'd need 2 years of tax returns before your self-employment would work.  The only issue you might have being on the loan is that you haven't filed your tax return for 2008 (since the extension filing date is mid-October), lenders are looking to verify your tax returns with the IRS these days to make sure that if you had any expenses, they are being factored into the amount of qualifying income, and if you had losses, those are subtracted from the qualifying income of co-applicants.  So it might come down to just your SO being on the loan alone.
Member
aisanart
Posts: 8
Registered: ‎06-04-2009

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

[ Edited ]

thx Shane, Ldyofnte,and mick

-i appreciate it much  I am so sick to my stomach with this whole buying a home deal. I really want one so bad, I have waited 7 years coming from identity theft and cleaning all of that up.This is the first year where i have a piece of mind...But im still going nuts.:manmad:

I just want a place of our ,own our rent can pay most peoples mortgages. about $2,000 plus utilities. It does pay the mortgage where we live.

Last time I ask the same question twice... 

With my SO its a go...But with me its a No?? Its that what everyones saying? Even for a $30,000 property.

Say it aint so.

Because a friend of mine just purchased her first home and her fiance doesnt work her scores were high 500s all around no bK and his credit scores were low 600 to high 500 and he's on her papers. In Texas...

How'd they work that? NOTE: purchase price was $139,000

 I want to be able to say WE HAVE A HOME.

Message Edited by aisanart on 09-09-2009 04:47 PM
Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

Well you don't really have an income so you can't qualify by yourself. You'd need your SO to qualify with you. However, your SO will likely qualify without you. The reason you might do that is because the paperwork is a major hassle. If you're not contributing anything (or much at least) it doesn't make sense to put you on there, it will likely only add hassles.

 

They will always go by the lower person's scores so your scores wouldn't even be considered at all. Adding you will increase paperwork and hassle without benefit :smileyhappy:

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

Re: Wanting to prequalify for a mortgage and cant seem to get scores where they need to be

Thanks so much...I guess i gotta try next year.

 


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