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OK here is my scenario:
We just signed a contract on a house that is expected to be built and move in ready by July 2012! The value of the house is $605,000. At the time of closing we will be putting enough down to get us to a loan valued at $380,000.
My current income is $120,000 after write offs and I am self employed. My job is comisssion based with a company that is an S-Corp and will have the proof that my current monthly income is very steady every month. My income comes straight from the company I work for into my bank account and I will have 2 years of income by the time we close in July 2012.
My credit scores are: TU695, EX685, EQ670
Currently I have 2 medical collections on my credit report that are paid in full/closed. One dates back to 2007 and the other one dates back to 2008. I am currently trying the HIPPA method to remove these. Will this hurt my chances because of the disputes?
Other bads on my credit report are Nelnet Loans reporting 4 loans with reports of 120 day lates from 6 years ago that I am still paying on with a balance of $5,000. I also have a direct loan that is in deferment for $7,000. I have a Perkins Loan that was pain in full back in 2010 but only EQ is reporting a few lates with the last 30 day late in 2008. I have sent GW letters to Nelnet and Perkins Loans to try to remove those lates just this week.
I pay my credit cards off in full every month and am required to pay $100/mos in student loans. The only big items on my credit report I pay every month are 2 car leases that total $900/mos.
This house is located in Denver, Colorado in the Stapleton Neightborhood with a zip code of 80238
We are getting about a $60,000 cutback on this house so it should appraise for more than we are in contract for at the time of closing!!!!
Thank you so much for looking over my situation!!! Please let me know if I've left anything out!
Did you even talk to a mortgage company before you signed the contract on this house?
The very first thing that anyone should do before they buy a house is see what a mortgage lender will approve you on. What happens if you do not get approved for a loan because you have a contract on a house?
You should be fine - paying off debt won't help you get higher scores (because it's installment debt you owe) or lower interest rates, so I wouldn't sweat that part.