09-09-2009 12:56 PM
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!)
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
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???
09-09-2009 01:47 PM
09-09-2009 02:08 PM
09-09-2009 02:33 PM
09-09-2009 03:04 PM
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.
09-09-2009 03:32 PM
09-09-2009 04:46 PM - edited 09-09-2009 04:47 PM
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.
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.
09-09-2009 05:33 PM
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