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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!
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
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