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Valued Member
Posts: 38
Registered: ‎09-04-2007
0

Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

Here's my situation...
 
As it stands I have student loans of estimation 55,000 (currently student)
                    1 - charge off (which I just submitted PDF)
                     2- Collections (which just submitted PDF)
                     1- cc which is in good standings
                    1-  Bally fitness account (had a past due balance - current now) (sent GW Letter)
 
I am suffering from late payments from bally account and from student loan account....along with mentioned things above..... fico score - poor
 
Ex 585 Eq 555 - not sure w/transunion yet........
 
What's my chances?
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

Just you or you and a spouse?
 
It's not the debt, it's the DTI. How much DTI is it? Enough to push a train, now shut up! [Obscure movie reference.]
 
Seriously, $55K in loans won't matter as much if your income is 6 figures compared to if it's 5 figures. Also gonna matter how much cash you have for downpayment or debt payoff.
Valued Member
Posts: 38
Registered: ‎09-04-2007
0

Re: Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

No spouse .....not in 6 figure spectrum either.... I was thinking about first time buyer programs....3-5 percent downpayment.
 
Please forgive what is DTI?
Valued Member
Posts: 38
Registered: ‎09-04-2007
0

Re: Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

Debt to income.....
 
Well..that's all the debt that I have............I am in the low 40's as far as income..... no car...just rent(less than 800 a month)
 
Does that help?
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

Student loans are installment, not revolving, so despite the relatively large amount it may not hurt much. If you can afford 3% down, and your DTI looks good to the lender, then FHA is a good option. Talk to a mortgage broker who is licensed to do FHA. There are one or two brokers in here.
 
Main thing with FHA is no lates in the last 12 months. What's your most recent late on anything reported?
 
It is a buyers market out there, but it's also gonna depend upon where you are geographically. Florida, Texas, Arizona, Nevada and California are hurting real estate markets with probably most of the more highly motivated sellers. A really motivated seller will either deeply discount the purchase price, perhaps carry back a second, or perhaps even seller finance the whole thing--if they need out bad enough.
 
Credit scores don't matter nearly all that much to FHA or to motivated sellers doing seller financing.
Moderator Emerita
Posts: 28,095
Registered: ‎04-01-2007
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Re: Credit Scoring - Checking to see if I can purchase a home in 6-9 mths

coco28, you might want to post a similar thread on the mortgages and loans board, if you haven't already. That forum is super-focused on mortgages, and you should get a lot of help there. (as well as here!)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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