Here are the details. Do you think I would qualify? I live with my fiance and our kids, but his credit is shot, so we're just going to do it under my name/numbers. Certainly willing to go FHA. No USDA in the area, and am not a veteran.
Credit.
Scores (from myfico): 649, 651, 665
Negatives: 3 old (over 2 years) collections that total under $700. Didn't want to do anything with them as action could hurt my score, so I'll sit tight on those for now. Also have 3 judgements from 5 years ago, but they were all Satisfied back in June of this year.
Income.
$50k/year
Source of income.
Employment wages - Salary
Monthly debt payments.
$245 - ($90 in credit cards; $155 personal loan installment)
Employment
W-2, full-time. Employed at company for 2 years, employed in field for 19 years
Assets/Reserves.
IRA account $11k, plan to use some for down payment; also have savings and checking, but nothing substantial
Location.
Pennsylvania - Allegheny County
Property.
Single family house - 4br/2ba - All brick. Newer mechanics and roof. Aesthetically it is in dire need of updates
Value.
The home we are looking at is $39,900
Occupancy.
Primary residence
Transaction Type.
Purchase
Thanks!
Starting Score: 700
I'm just really anxious about it. I have no confidence when it comes to financial stuff. I started off with pretty bad credit...and worked hard to clear it up and bring the score up, but I always feel like I'm missing something and any doors to owning a home will slam in my face. May not be rational, but until an LO tells me otherwise, I tend to prepare for the worst and hope for the best.