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Ready to pull the trigger, what are my chances?

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ms_cora
New Contributor

Ready to pull the trigger, what are my chances?

 

I am ready to pull the trigger now, but  my plan is to wait until April when bk falls off and in the mean time work on HSBC account. Also that will be when my children are out of school to make the process go as smoothly as possible. I plan to file taxes in Feburary and put in a savings account to season, apply in the beginning of April (March if the bk falls off) and close in late May

 

  • Credit.  Scores 595, 675, 641 lender pull/   Chapter 13 due to fall off March 2015, $0 HSBC charge off due to fall off 08/17, (2) 30 day (1) 60 day payment from Feb Mar April 2014 auto loan as of October 2014 paid in full (we lost a child during that time so I would include a letter explaining), $45 returned ck due to fall off 08/15
  • Income$50,000
  • Source of income.  Employment
  • Monthly debt payments.  $352 car payment (Currently have another car payment $316 but it will be paid off in Feburary, 14 credit cards all will have $0 balance, 15th card would have $8 balance= utilization 1%)
  • Employment  w2, 4years in industry, 3years at current employer, 1 year in current position
  • Assets/Reserves.  $6000 tax return/savings, $4000 401(k) for reserves (Would like to use Georgia Dream Program and Federal Home Loan as well)
  • Location.  Troup County, Georgia
  • Property.  Single Family Home
  • Value.  $125000- $150,000 Max 
  • OccupancyPrimary residence
  • Transaction TypeIs it a purchase. Looking to do conventional 80/10/10 

I have a partner but they would not be on the loan for two reasons 1. relationships dont always work out 2. if bills are based off one income then that eliminates financial struggle if either party is out of work. 

 


10/20/2015
Starting Score: 499
Current Score: 697
Goal Score: 720


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Message 1 of 5
4 REPLIES 4
ezdriver
Senior Contributor

Re: Ready to pull the trigger, what are my chances?

What is the source of your score? If not from a loan officer having pulled your credit, then they are not reliable.

 

I think that you secure a mortgage but it may not be the mortgage product for which you wish.

 

Message 2 of 5
ms_cora
New Contributor

Re: Ready to pull the trigger, what are my chances?

October 2014 lender pull. I've since had a repo removed from my equifax which was my lowest score. Is there another product you would recommend?

10/20/2015
Starting Score: 499
Current Score: 697
Goal Score: 720


Take the myFICO Fitness Challenge
Message 3 of 5
ezdriver
Senior Contributor

Re: Ready to pull the trigger, what are my chances?

A 620 to 640 middle score would allow you to try for an FHA mortgage. You would need 680 or higher to qualify for a conventional mortgage. You won't know until you apply so go try for a preapproval then start your home search.

Message 4 of 5
ms_cora
New Contributor

Re: Ready to pull the trigger, what are my chances?

That's why I'm planning to wait it out. Hoping that when my bk falls off I don't get re-bucketed. Also working on that charge off and gw-ing those lates.

10/20/2015
Starting Score: 499
Current Score: 697
Goal Score: 720


Take the myFICO Fitness Challenge
Message 5 of 5
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