1. Mortgage Credit Scores: - EQ 543
- TU 621
- EX 613
- 2. Credit Negatives:
- Charge Off / unpaid / open DOFD - 8/10
- Collection / unpaid / open DOFD - 4/14
- Collection / unpaid / closed DOFD - 7/09
- Thin file, two auto loans and child support showing as revolving account. All current / no missed payments.
3. Gross Income. $47,700
4. Source of income.
Employed.
5. Monthly debt payments.
- $1,093 for two auto loans
6. Employment - Salaried with bonus of 3,500 yearly (not included in gross figure above). Over two years at current company in same role, 8 years in field with multiple roles.
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).- 401k with ~ $1,400 after small loan
- Checking / savings ~ $500
- Possible bonus of ~ $3,500 at time of application.
8. Location:
- Alabama
- Shelby, Jefferson
- USDA eligible areas
9. Property Description: - single family house
- The condition of the property is good
- Occupied
10. Property Value. 11. Occupancy. - Primary residence
- How many people living there, 4 inluding SO and children. SO income ~ $36,000 but not to be included in loan due to really low scores.
12. Transaction Type. purchase
Getting secured Card to lift scores, no utilization current. under 7% utilization will go on new card. Should bring mid score well over 620 before applying.
Biggest concern is DTI with high auto payments but will be paying less for potential mortgage then current rent. If I use SO income we make to much for USDA but with my income alone the DTI is to high.
Edited for more info, needed info.
