I recently applied for a self-help housing program. I can't get much information at this stage from them as they don't want me to get ahead of myself...which I already am.
Here's my lowdown. This year I will make 27,499. I qualify soley based on income level there. DTI is supposed to be less than 41%
On my credit are the following student loans
Salle Mae 1: Min. 40.64 (will be paid off in July)
Sallie Mae 2: 39.88 (will be paid off in Dec.)
Wells Fargo: 50.03
Sallie Mae3: 28.40
AES: 229.99
Dept of Ed. (all federal, IBR Plan) 0 payment on IBR plan (Public Service Forgiveness in 10 years)
This is my only shoot at this because next year I will make to much for the self help program.
I have three credit cards, one store card, an AMEX, and a Citi...all with zero dollar balances, paid off in full monlthy when I use them.
Last I checked, back in Dec. I had a credit score of 748, NEVER had a derog on it.
Thinking at the high end the payment on the house with everything incl. would be 596.00 and the low end would be 550.00.
They said anything that would be paid off in six months wouldnt factor into DTI. First Sallie Mae would be for sure paid off as I am making an extra 565.00 payment to student loans per month. Could, with help get the second would paid off without too much trouble. IF it came down to it, I could even get rid of the Wells Fargo loan, but it would be a lot headache.
Thanks for any help!
Starting Score: 738 (2-27-12)
Bascially will I be approved with what your seeing here?
Do my credit cards factor in to DTI even if paid in full?
I MIGHT be able to get on the ICR plan and have a 13.56 payment if thats going to kill it.