I have had a very long journey in credit repair 14 negative items " two left". Last year my credit was TU 545 EQ 616 EX 606 all lender pulls. I have not did another lender pull yet. My TU 98 from here is now 719 (Today) and EQ is 709 (Last Month) EX unknown. I know the TU04 will be different than my TU98 from here. I however am counting on that I will be over the 700 mark though for my middle score. I just have a few small things to wrap up. Before I apply I will have a CO from 2008 with a settled for less than full amount. I was apart of a scam/fraud case. I have all the proper documents to prove to an UW that it was indeed fraud. I will also have a Paid in Full charge off from 6 1/2 years ago left. Chase will not budge.
Here is where it gets tricky. Not sure if an UW would have fits over it. I have been at the same job for 7 years. I work seasonal. I work 9 months each year. Unfortunately no permanent positions are open. I always have rehire rights and that will not change. During the off season I am on unemployment and after taxes I take home $1,700 a month for the three months I am off of work.
I will be applying on my own. My girlfriends DTI is though the roof and would only hurt our chances. Plus her income is somewhat sad. She pays all her own bills.
Here is a list of my income and assets.
I make $4,400 a month. Plus at least another $1,000-1,500 each month in overtime however lets just assume I make $ 4,400 a month for now.
The last two years on my W2's I made $62,000 and $64,000.
I have $195,000 in stocks that I can sell at anytime. They would be used for most of my 20% down.
I have $23,000 in my savings account.
I have $35,000 in my retirement. I can cash that out anytime I want, however I rather not touch it.
My credit card Utilization is 1% of my three cards only one requires a minimum payment of $25 a month and it has a zero balance.
I own two vehicles. Both are paid off. " Not sure if that would matter in trying to get a home loan"
Besides the $10 dollars I owe on my credit card that is all the debt I have.
The homes we are looking at are around $320-335k. I would be trying for a conventional loan. Insurance would be around $80-90 a month and property tax would be $3,000 a year.
Using DTI calculators I seem to be good in that regard. I am just concerned about not working for 3 months. Even though I always save up before that time and never have problems paying my bills and rent " $1,200" a month. I figure I could afford without being home broke during those three months a max of $ 1,600 a month for a house payment with insurance and property tax included.
What do you guys and gals think? Thanks for your time and input. I really appreciate it
