So my fiance and I are now trying to get approved for a home, my FICO score is 625 which i know is low and not optimal for getting a mortgage. On the other hand I make extreemly good money, upwards of 1million a year with my business which i probably draw a $400k a year salary from. I have been in business since 2008 and have been doing about that each year. Stupidly i was only worried about my credit bureau scores which are averaging at 660, that was up from a 524 when i started worrying about my credit and trying to fix it. Now i find out about FICO scores and how those are what most lenders look at.... Im sure my FICO was in the 300's when i started lol. Anyway, I put 22k down on my car when i bought it and financed the remaining $15k to help start building my credit, then i got a secured credit card and have been keeping that at 1% Utilization. I have had the car loan since 11/11 and the credit card for about a year and a half, never been late on both and always pay extra on the car payments. I have a lot of old negative accounts like collections which i paid most of them off and have some recent ones that really shouldn't be there... I have two judgements from lawsuits that i just didn't show up for that are still on there. I paid one but haven't paid the other. The one i paid should be off but never was taken off. (Dispute started) so with the high income, ability to make a 10,20,30% down payment and plenty of money in the bank for emergencies, what are my chances of getting approved for a mortgage?
The other thing is, i pay all of my mom's bills, her rent, food, utilities, gas, insurance, living expenses and discretionary spending... about $3k a month all together, I have been paying rent on a house now for about 4 years at 1500 a month with no late payments and my office is $1500 a month that we have had since 2009 and never missed a payment on that. Let me know what you think! Thanks
Goal: Get a home for my family!
