cancel
Showing results for 
Search instead for 
Did you mean: 

Will I qualify in 5 months?

tag
chancep
Valued Member

Will I qualify in 5 months?

 

 

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/ReservesThis 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)
    • Checking $4,000
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
    • 90-100k
    • 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

 

 

Message 1 of 3
2 REPLIES 2
chancep
Valued Member

Re: Will I qualify in 5 months?

Any input at all? Got my myfico alert that my transunion went up to 672. Not sure what changed or what my mortgage scores are now.
Message 2 of 3
Anonymous
Not applicable

Re: Will I qualify in 5 months?

You mentioned your salary is the "minimum you can prove", what does that mean? Did you mean maximum? What is your full income, and why do you not think you can prove it all. 

 

Your scores look great. Just some advice, having all your credit cards at a $0 balance is hurting your mortgage scores and makes them lower, which has a heavy weight on revolving utilization. Since you have 5 cards, you want at least one to have a reporting balance of 1-8% of the credit limit. 

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.