cancel
Showing results for 
Search instead for 
Did you mean: 

Will I Qualify?

tag
Anonymous
Not applicable

Will I Qualify?

Hello, I've been lurking here for a while using the great advice to rebuild my credit. I'm looking to get pre-approved for a mortgage this month and this is my situation:

 

Credit.  EQ: 612 (FICO, 7/2011), EX: 644 (PLUSscore, 8/11), TU: 672 (FICO, 8/11)

My only baddies are reporting on EQ only: Repo from 12/2005 and two medical collections from 9/09 and 11/09 that I just paid off.

 

Income.  Provable is 32,000/yr right now

 

 

Source of income.  I work comission auto sales since May 2011. My gross provable income will be higher eventually, but right now that's where I'm at.

 

Monthly debt payments.  333/mo on an auto loan. I pay off all credit cards each month and student loans are currently deferred.

 

Employment As mentioned above, working auto sales since May. For the previous 5 years I worked retail management at 34,000 a year which is what tax return will show.

 

Assets/Reserves.  I have around $4-5,000 in savings/checking accounts.

 

Location.  Rochester, NY

 

Property.  Single family

 

Value.  Last appraisal was 66,000, home is short-sale for 55,000

 

Occupancy.  Primary Residence

 

Transaction Type.  First-time purchase, FHA

 

By all means let me know if any additional info is desired, and thank you very much in advance!

Message 1 of 2
1 REPLY 1
BrianB_The_Loan_Professor
Valued Contributor

Re: Will I Qualify?

You do not have the time on the job to use the income - for commissions you need to be able to document the income over a two year period using tax returns

Any self employed position or commission will be looked at this way - 

I am afraid you are not going to be able to get a loan for a while

B

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.