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Established Contributor
Posts: 510
Registered: ‎09-25-2009
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Re: Scared Straight

I don't have the 680 credit score, she ran my scores today and my middle is 660 right now.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: Scared Straight

20 points to go, whats your credit profile look like.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Scared Straight

Just going to add...

 

Even though other states are not community property states, some have certain requirements regarding spouses. Some states will require spouses not on the loan to sign over all rights to the home. They in no way shape or form have any interest in the home. Obviously YMMV depending on state, but if your spouse does not sign or refuses to sign, you will not obtain a mortgage. Your spouse could not be on deed at any point in time while you are still paying for the home.

 

Reason I brought this up is many apply for loans alone but in reality look to their spouse for financial assistance. Many times when a state requires the spouse to sign over any rights they have to home, this causes problems.

 

So as YMMV was just giving information, that it is possible.

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
Posts: 378
Registered: ‎03-31-2012
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Re: Scared Straight


jadeite788 wrote:

Well the update, the LO already pulled my credit score,  told me my DTI is too high due to my Student Loan.  My student loans are currently in deferment.  The LO stated that in order for them not to be counted they must be deferred for more than 12 months.


What is your current income, and total debts?

 

You husbands baddies will not effect the credit score used for approval, but his debt will.

 

How much debt does your husbands report current state is owed?  What are your total monthly payments?

 

 

Established Contributor
Posts: 510
Registered: ‎09-25-2009
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Re: Scared Straight

It doesn't matter what my credit score is, the lender told me straight up its my DTI.  I can't get my student loans deferred.  So the most she can probably approve me for is an estimate of $80K.  I am already having a hard time finding a decent house for that amount without too much problems.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
Posts: 510
Registered: ‎09-25-2009
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Re: Scared Straight


pdog661 wrote:

jadeite788 wrote:

Well the update, the LO already pulled my credit score,  told me my DTI is too high due to my Student Loan.  My student loans are currently in deferment.  The LO stated that in order for them not to be counted they must be deferred for more than 12 months.


What is your current income, and total debts?

 

You husbands baddies will not effect the credit score used for approval, but his debt will.

 

How much debt does your husbands report current state is owed?  What are your total monthly payments?

 

 


My income is $39K

(2)credit card balance $20 / 15 mo.

Auto Loan $950/ 283 mo.

Sallie Mae 2990 / 52 mo.

Auto Loan repo/ 4885

U.S Department Deferred till 5/14/2013 $502.36 mo.

U.S Department Deferred till 1/17/2014  $153.20 mo.

 

My husband will not be on the loan though.

 


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
Posts: 510
Registered: ‎09-25-2009
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Re: Scared Straight

They already took in consideration to ignore the Auto Loan, because March 1st  I make another payment of $350, which will leave me with 2 payments left.  So by the time closing comes I owe one payment.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Regular Contributor
Posts: 223
Registered: ‎01-11-2009
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Re: Scared Straight

Consolidate Sallie Mae and the Fed loans into one Fed loan and do a IBR repayment. Your payment would be tiny, maybe zero.

Established Contributor
Posts: 510
Registered: ‎09-25-2009
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Re: Scared Straight

I tried that, it won't let me because I am more than 60 days away.  I have to be within 60 days.  I know its, stupid.  I don't want to consolidate because a know for a fact it will show up as a new lender and will drop my credit scores.  I will be okay.  Hopefully


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
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Re: Scared Straight

I lost 6 points when my loans consolidated.

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