Hi everyone!
Hoping to get some guidance on our home options. Right now, my husband and I own two mobile homes in park (rented land). My mother's home suffered a sewage flood and the cost to fix the home is just beyond our abilities. So, we are looking to either buy a home for ourselves and move my mom into our home, or buy a home all three of us can live in. I've spent the past few months cleaning up our reports, and we finally have our scores above 620.
My husband is a veteran and has a COE for a VA mortgage.
Here are the specifics:
Mortgage credit scores - my husband's scores are all above 620. I believe the highest is 643. Mine are all just above 620 (627, 625 and 630 I believe). I can't pull our 3B right now (can't afford it) but another lender pulled them and said we qualify.
Negatives:
- We are 13 months into a Chapter 13 plan. We filed August of 2015 and have made payments on time ever since. I was told by several lenders that one year of payments is all that is needed to be able to purchase. The reason we needed to file is that my employer healthcare plan changed to a high deductible. I have epilepsy, and got sick three years ago and the bills became suffocating.
- Most of our negatives are IIB and we have no negatives since filing.
I did get one secured credit card that is paid in full which is what raised our scores recently.
Income:
Gross income is 94k per year (my income)
My husband is a veteran who recently suffered a near-stroke due to blood pressure, and had to quit his job/retire (security/law enforcement). He has an active case pending with VA for benefits. For now, though, my income is our sole support.
Not sure if this helps, but my elderly mother gets $825 in social security each month. We currently support her and make the majority of payments..for instance, we own the mobile home she lives in, pay the utilities, etc.
Debt:
- Because of the Chapter 13, our debt is pretty compact. When my husband had to quit his job, our attorney filed a modification to our plan payment which should go into effect in the next two weeks.
Plan will be six months with the payment at $750 per month, then on the 7th month, go up to $2,415 per month.
I do have student loans that we have modified to be outside the Chapter 13. I don't yet have a payment amount, I'm waiting for the modification so that I can negotiate regarding the payment amount.
Employment:
- I work full time and have been at my job/company for 17 years
Assets/Reserves:
- Right now we have neither because the Chapter 13
Location - We currently live in rural Michigan, and would consider staying if it were beneficial. We are, though, also looking into South Carolina as my company has a location there (I work remotely) and we would be closer to my husband's family.
I would welcome any thoughts on what the best option is. Also, if anyone has lender suggestions, that would be great too!
Thanks in advance!
