10-27-2012 06:45 PM
Hey guys just wanted to know what you guys think about my chances to get approved for a mortage loan
my credit scores are ex 650 equi 631 trans 629
my income for the past 2 years has been about 17000
started a second job about 3 months ago working both jobs i should make about 25 this year,
have about 10000 in student loans but they are deffered,
i have 2 credit cards limit 500 each, one has 140 on it the other 170
only negavite thing on my report was a car loan i was late on the last 8 payments, the car did not go into repo, it was paid of in january 2010
so what do you think guys, do i have a shot at getting approved???
Honestly I don't think you are in a good position to buy a home right now.....your cash reserves are great and I would (personally) do two things, 1.get your income up!!! and 2. Use some reserves to pay down some debt to help increase your score......I think it great you are ahead of the curve and focused you have to remember that owning a home is expensive. You could probably get a cheap house but more than likely be in need of some repairs or soon to have repairs and if you don't have the income to cover it you will be up a creek. But yes H4H would be an ideal program to utilize sweat equity....I do wish you the best for the future.