1. Mortgage Credit Scores: - mortgage ficos are 585/602/625. These are 3 weeks old, and were obtained when my revolving utilization was 50%+. Other ficos have increased about 15-20 points since I paid off my credit cards. (current fico8s are 620/621/651)
2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:- Type: 3x charge offs, and 3x 120+ late student loans
- Status: 3x paid/settled for less than original balance, student loans are now current.
- DOFD: 09/15 for all of the lates
- Most Recent: settlements were paid on 09/16, 02/17, 03/17 for the credit cards and student loans have been current since 10/16
3. Gross Income.
29,580 annual gross would be the minimum I could prove.
4. Source of income.
full time employment
5. Monthly debt payments. - Car payment $193 a month
- Student loan on IBR but 1% is $95 a month
6. Employment (for those who are employed). - Type of employment: full-time w2 employee
- How long 3.5 years
- How long 3.5 years
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)8. Location: This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
Property tax will be about $12-1400. Insurance roughly $60 a month
9. Property Description: - Nothing picked out but single family home, 11-1300 square feet.
10. Property Value. - It will be myself, and my girlfriend living in the house. She makes roughly the same money as I do, but everything will be solely in my name.
12. Transaction Type.
Purchase
I am eligible for a VA loan and that is what I intend to use. I will most likely roll the funding fee into the loan, unless the VA gets my injury service connected within the next 5 months.
I have 5 credit cards open currently, all with 0 balances and 0 lates. Multiple auto loans that have never had lates and my current auto loan is 3 years old with 0 lates. Just ran into some financial trouble in 09/15 which caused me to fall behind on my credit cards/student loans and it took a while for me to recover and catch up.
I am just wondering if anyone here thinks I will be able to make this happen? I have some serious blemishes on my report that are severly affecting my score currently. Also unsure if I am trying to spend too much money? I can find a 60k-70k house where I live, but it defintely wouldn't qualify for a VA loan