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Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

Would I qualify for a mortgage?

[ Edited ]

Income: 

  • SSA Disability $1750
  • Child Support - $844
  • BAH - $694.80 will be ending soon going through a divorce
  • VA Education - $957 will be ending in January 2013

I have about 4 baddies on my credit report

  • Repossed car from 2007
  • Charged Off Credit Card x3 all from 2007

Monthly Expenses are about $700 a month (6 Credit Cards, NavCheck and Car Payment)

Not currently employed as I am considered disabled by the government, I attted College F/T

I only have $100 in savings for my kids college fund

 

The locations I am looking at are:

  • Grovetown, GA (30813)
  • Augusta, GA (30909 area)


Purchase Amount:

  • No more than $150,000 with $0 down.  Currently pay $775 for rent each month for a small 2br/ 2ba townhome
  • Townhome or Single Family 3 Bdrs/2ba or more

This would be for primary residence until we move in December 2013 and a purchase

 

If there is more info needed, please let me know.  Thanks in advance for help :smileyhappy:

 

 

Oh Forgot to mention I am currently looking at a townhouse 3bdr/2ba that a community is looking to get rid of asap but it's fully loaded and custom bathroom and shower.  The community is paying for all appliancesand is putting money towards the closing cost.  Not sure of amount though.

 

 


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


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Valued Member
Snoopy7
Posts: 47
Registered: ‎03-08-2012
0

Re: Would I qualify for a mortgage?

[ Edited ]

 


Hi there.

I would suggest you take a look at naca.com: a program that may be able to help.  Their homebuying program is HUD approved and covers down payment and closing costs.  One of the bonuses of going through this program is that they will most likely buy down your interest rate to 0%.  It does take some time to get through to closing because you have to a.) be current on all bills within the last 12 months- if you're not current, then you will qualify once you've reached 12 months of on-time payments b.) payment shock- which is a monthly savings of the difference between your estimated new morgage payment and the amount you're currently paying.  You must save this amount for three months.  c.) Have prepayment of escrow items in savings by the time you close ($2200).  d.) satisfy other items that will be disclosed to you in your docs.

 

Some folks have negative things to say about NACA.  However, I've checked around and everyone I know of who has used this program would not have gone any other way.  Oh yeah, and there is no credit score requirement.

Frequent Contributor
germaine47
Posts: 305
Registered: ‎07-05-2011
0

Re: Would I qualify for a mortgage?

Is those  scores your FICOs?   If so you may have some work to do. Once you get your Fico up, it looks like you may qualify for a VA Loan and I think that is wonderful with $0 downpayment.  Next find a MB that deals with VA/USDA loans in  your area since it looks like you dont have a lot saved up.  See if you can PFD a couple of Charge Offs and I think that may give your report a healty boost.  Once you have decided on a MB find out what your  middle Fico requirements will be, mines was 640. 

 

Good Luck

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
New Member
twinmommy
Posts: 2
Registered: ‎11-03-2012
0

Re: Would I qualify for a mortgage?

I'm not military so don't qualify for a VA loan. I am a member of navy fed and usaa. I'm not looking for programs where I need to save three months of income because that isn't possible in my situation. Im a single parent to 2 year old twins. I don't want to keep renting. I want some place to call my own. Child support will increase beginning of next year since I will be losing my VA education and bah since I'm divorcing a military spouse.
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

Re: Would I qualify for a mortgage?

[ Edited ]

I don't know why from my phone it shows a different login:

 

I'm not military so don't qualify for a VA loan. I am a member of navy fed and usaa. I'm not looking for programs where I need to save three months of income because that isn't possible in my situation. Im a single parent to 2 year old twins. I don't want to keep renting. I want some place to call my own. Child support will increase beginning of next year since I will be losing my VA education and bah since I'm divorcing a military spouse. The scores I got are from notices I got when I was approved for recent credit.

 


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

Re: Would I qualify for a mortgage?

Also I was hoping I could qualify for something now and not something down the road.  Tired of wasting my money paying for someone elses mortgage.


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
Frequent Contributor
germaine47
Posts: 305
Registered: ‎07-05-2011
0

Re: Would I qualify for a mortgage?

I went USDA Guraranteed with $0 downpayment and the Sellers paid the majority of Closing Cost. 

Fico September 2012; TU 681, EX 674, EQ 652
Fako October 2012: TU 706, EX 641,
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

Re: Would I qualify for a mortgage?

The seller of this community is willing to pay all the closing costs  and I would just settle for a cheap fridge.  WIth my scores and income could I qualify for a USDA loan?


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
0

Re: Would I qualify for a mortgage?


djnikki1 wrote:

Income: 

  • SSA Disability $1750
  • Child Support - $844
  • BAH - $694.80 will be ending soon going through a divorce
  • VA Education - $957 will be ending in January 2013

I have about 4 baddies on my credit report

  • Repossed car from 2007
  • Charged Off Credit Card x3 all from 2007

Monthly Expenses are about $700 a month (6 Credit Cards, NavCheck and Car Payment)

Not currently employed as I am considered disabled by the government, I attted College F/T

I only have $100 in savings for my kids college fund

 

The locations I am looking at are:

  • Grovetown, GA (30813)
  • Augusta, GA (30909 area)


Purchase Amount:

  • No more than $150,000 with $0 down.  Currently pay $775 for rent each month for a small 2br/ 2ba townhome
  • Townhome or Single Family 3 Bdrs/2ba or more

This would be for primary residence until we move in December 2013 and a purchase

 

If there is more info needed, please let me know.  Thanks in advance for help :smileyhappy:

 

 

Oh Forgot to mention I am currently looking at a townhouse 3bdr/2ba that a community is looking to get rid of asap but it's fully loaded and custom bathroom and shower.  The community is paying for all appliancesand is putting money towards the closing cost.  Not sure of amount though.

 

 


According to what you mentioned you only have around $2600 in monthly income that can be used in a mortgage qualification and even with an fha their back end ratio is 41% so $2600*.41=$1066 and $1066-$700=$366 which is what you would be allowed to spend on housing. On top of that your getting divorced and if you are in a CP state the would have to use his info since you are still "married".....Im not sure of a lender who would give someone going through a divorce a mortgage..

 

Im not trying to be rude im just being real so you dont get your hopes up...I just think now is a horrible time to buy a house....

 

Dont worry you will get there but it would be wise to wait..

 

Wish you the best of luck.

ccpics2.jpg
Valued Member
djnikki1
Posts: 47
Registered: ‎04-02-2012
0

Re: Would I qualify for a mortgage?

[ Edited ]

beb86 wrote:

 On top of that your getting divorced and if you are in a CP state the would have to use his info since you are still "married".....Im not sure of a lender who would give someone going through a divorce a mortgage..



This information is not accurate.  My friends mom bought a house in Silver Spring, MD while going through a divorce using her own information and didn't have to use her husbands information because the papers had been filed. Whiich is the case for me.  So there are programs out there and I am trying to get information on those.  I know its in the realm of possibility.I am going to a Navy Federal Branch tomorrow and going to see what I qualify for.

 


Starting Score: 04/2012 - EX: 512, EQ: 519, TR: 512
Current Score: 12/02/2012 - EX: 629, EQ: 565,TR: 628
Goal Score: 700


Take the FICO Fitness Challenge

Cards: Orchard Bank - $320, Capital One Platinum -$500, Capital One Cash Rewards - (old limit $500), $750, Military STAR Card - $1400, Fingerhut (old limit $100) $400, USAA Secured AMEX $250, Walmart $400, Amazon $600, Gap $200, Chevron $200, JcPenney $200, Navy Federal nRewards $1000, NavChek $1000

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