Snowballs chance in qualifying?

[Anonymous]

Hi there!

I just found out about the downpayment assistance program in my state and think its an amazing chance at home ownership for me. The trouble is that by this time next year I will exceed the income limitation and will not be able to qualify. I think its unlikely that I can qualify now but why not ask. My mom is willing to co-sign but I dont know how much that can help when you have the issues going against you that I have.

Thanks in advance!

1. Credit score: 680 – I had a crystal clear score in the 730s until 5/2014 when during a bout with severe pneumonia I made a clerical error in my records and missed a $7 payment on one of my credit cards. L It went 30 days late.
2. Income: 85k
3. Source of income: Salaried Employment
4. Monthly debt payments: $400
5. Employment: Full-time job with this employer for 10 mos. 2 yr unemployment before that – 10 year employment with same company before that – same industry as now. No higher education.
6. $5k
7. Snohomish County, Washington
8. Single family house wanted.
9. Value: $230-280k
10. Occupancy: Primary residence
11. Transaction Type.  Purchase

[BrianB_The_Loan_Professor]

Based on the info provided you should be able to get a loan on your own

having a cosigner may mess up the dpa program? I would check into that

Unless you left something out those numbers should work

Good Luck

Brian

[Anonymous]

Really?? Wow I thought the new-ish job and recent late payment would be dealbreakers.

I would be ecstatic if I could get a loan!

[BrianB_The_Loan_Professor]

one $7 late pay should get overlooked

the employment should be fine now that you have been back to work for 10 months

they will get a Verification of employment from your job - as long as they show that the chances of continued employment are solid You should be ok

Just be prepared to explain everything along with the steps you have taken to remedy things

B

[TheFate]

As long as you have a good history of payments I think they would understand the pneumonia issue.. As I once had it and it put me on a bed for 2 weeks and slowly recovering for 2 months