I realize that I am asking about this WAY in advance, as my plan is to possibly buy in April 2018 when my new job hits the 2 year mark. I want to prepare in the best possible way and any direction that any of our mortgage gurus can give me would be greatly appreciated. Here are my current stats:
Fico 8's: EQ 687, TU 698, EX 679
Mortgage Credit Scores: EQ 682, TU 697, EX 675
Credit Negatives: All IIB- Deed in Lieu 06/13, Vehicle repo 08/13, several lates/charged off
Status: All negatives IIB Chapter 7. Discharged November 2015
Miscellaneous: Less than 24 months of reestablished credit. 17 months of new credit history. 18 revolving accounts. 3 installment accounts. AAoA 4 years, nine months. Currently longest reestablished account is 17 months old but most will be 12 months old in August '17.
Monthly debt payments: $2K (between revolving, installments and student loan)
Student loans: $5K balance. Payment $125 per month included in monthly debt total above. Never late, even through/during Chapter 7.
Gross Income: $107K
Source of income: Employed full time $65K, Retirement: $36K, Part time employment: $6K
Employment : Full time salaried job, employed for 16 months as investigator. Retired from 30+ years law enforcement career as detective. Part time job for 19 months in corporate security. Work 2 weekend days a month.
Assets/Reserves: Savings $29K +/-
Location: Oregon - possible zip codes 97304, 97005, 97051
Property Description: possibly condo or manufactured home/land purchase. ( I would want to possibly purchase a lot for the manufactured home at the same time. So it is possible to do a land/manufactured home loan package?)
Condition of the propery: Condo would be in excellent condition. Built 2005 or newer. Manufactured home would be new on a lot I would purchase at the same time.
Property Purchase transaction: Looking at $200-300K
Occupancy: Primary residence
How many people living there: One, maybe two (no additional income from 2nd person)
Additionally:
Even though I have multiple inquiries on my reports, I won't be apping for anything new before I purchase (gardening) and 16 of my 22 inquiries will be 21 months old in April '18. The others will be 13-14 months old. Is it better to wait for them to age off my reports?
I put about $1500-2K a month +/- into savings. Is it better to eliminate my revolving debt? It's about $25K (overall utilization is at 15%) most at 0% for another 16 months- some at 3% for another 8 months Should I pay it off and deplete my savings? I have kept the debt due to the fact that I need to establish payment history and at 0%-3% the cost of carrying the debt is minimal. I will have it under 8% total utilization by the time the intro offers expire. I could pay it off then or move it to another low BT option.
One of my biggest concerns is payment shock and how to handle it. I finished up a rental that was about $1600 a month (for 10 months) and now live with my DF on weekends and live in my new RV closer to my office during the week. The RV payment and space all in, is about $1200 a month. Will that at least count toward current housing expenses? If so, what documentation will I need to provide proof that I live there 3-4 days a week?
I really appreciate anyone taking a look at this and giving me some guidelines. I figure I have some lead time to adjust anything I need to in order to look my best for an underwriter. Also, any recommendations for a good LO/mtg company that lends in Oregon/all 50 states would be appreciated. I would like to start building the relationship sooner than later.
Thanks again!
