@Anonymous wrote:
Hi,
I recently verified my COE from the VA, and am wondering if my current credit will be enough to get me a loan.
Here is my information, if there is something else you would like to see, please let me know.
Thank you!
1. Mortgage Credit Scores: 2. Credit Negatives: Unfortunately a few of these
- Barclay bank charge off that I am now paying $175/month to Midland. Roughly $10k.
- Chase bank charge off-$4.8K
- Seconds Chase bank charge off-$10.7K
- I have some accounts that I have been paying on time and are current,but they are still showing as negatives because of late payments. The last date of the majority of the missed payments was January 2014
3. Gross Income. - Spouse and I combiined--Roughly $70k/year. May be a little more.
4. Source of income. - Hourly job with up to 35% increase with productivity bonus. Usually about 20% each paycheck
5. Monthly debt payments. - Credit card payments for spouse and I are about $550 including the payment to Midland for the above referenced charge off
6. Employment - Type of employment: Hourly full-time with productivity bonus on top of base pay
- How long 4 years at current employer
- How long 11 years in this field
7. Assets/Reserves. - Not much, Could posibly get some money from parents if needed
- Part owner of a farm in Iowa which is set up as a corporation and is profitable. I don't know what if anything this counts for. It's from my grandfathers estate and he died fairly recently so there is a lot of paperwork for me to look thru. As far as I can tell I own 60 shares which are worth roughly $1000 each.
8. Location:
- CA
- Sonoma County
- Santa Rosa
9. Property Description: - Preferably a single family home
10. Property Value. - We would need a loan of roughly $350-400k
11. Occupancy. - Primary residence
- My spouse and I will both live there
12. Transaction Type. First time buyer purchase
Income is 5830/mo x 45% (backend ratio that includes new mortgage) =$2,623-$550 for credit card payments leaves approx $2,075. At a purchase price of $340k factoring in reg military funding fee and principle and interest and insurance (could be much higher than 1.2% being used) payment would be 2100. This looks bleak especially if you have other debts besides $550 credit cards (Assuming you probably do) then the numbers don't fit the DTI. Maybe a loan guy can chime in to give better guidance.
Thanks for your service.
