What a mess! Do you think we'd qualify? *UPDATED 10/13*[ Edited ]
10-03-2012 12:31 PM - edited 10-13-2012 12:47 PM
This could stand to be a fairly long post. Apologize in advance. Trying to figure out if we'll qualify for a mortgage. Any help would be greatly appreciated!
1st, my fiance (we'll be married by closing) is in the Marine Corps and his enlistment is over at the end of April next year. We're going to use the VA loan and go through Navy Federal Credit Union. My future Hubby has absolutely no baddies on his credit report, not even a single 30 day late. Initially, we applied and got preapproved with just him on the loan (because I thought my credit was TERRIBLE and didn't even want to attempt.) We found an AMAZING deal on a house. 1175 sq feet with an unfinished attic that could almost double the sq feet if finished, 11.9 acres, built in 2002 and only 89k. Needs paint insisde, but in decent condition otherwise. We made an offer and it was accepted, and we got the house under contract. 2 days later, we get a call from Navy Fed that because my FH doesn't have income for the next solid 12 months (no job lined up after he EASs from the military), we wouldn't be able to get the loan.
Enter Me: Same job for 2 years. I make 1820 but regularly work OT. 520 hours of it last year (on tax return), on track for the same this year. My credit pull came back with scores of 619, 642 and 658. Not great, but not as bad as I thought they would be. They said they'd have to send to UW. This is what we found on the report the LO sent me:
CA for a rental that I had in 2008 on all three CB reports: $201 for painting and stuff after I moved out. They forwarded to an incorrect address. I called and paid this IMMEDIATELY after receiving the report and received a deletion letter for it that I forwarded to my LO.
CO on a CC from 2006 on all 3 CBs: Says Settlement accepted on this account, legally paid in full for less than full amount. ($869). I wrote the explanation that i had been young, immature and was not aware of the importance of proper money management. (I was 19 at the time, and totally ignorant about how important it was.)
CA from a cable bill for $44 on XPN and EFX with a DLA of 11/2006: I have tried to take care of this multiple times but suddenlink has "changed systems" and cannot even tell me what it's for or take any kind of payment.
CA from a phone bill for $78 on EFX. DLA of 7/2006: Calls to the phone number given here result in VM and not being able to get a call back. I have disputed this charge because I never had a landline phone.
CO from Continental Finance (CC) for $300 on XPN and TU. DLA 1/2008: I wrote in the explanation that I do not know where this account came from and all of my calls to the number provided have said the number is disconnected. I did read on these boards that FBoD and CF were involved in charges from the FDIC for shady business practices, and sent an email to my LO about it with the explanation. I'm not sure if I should go ahead and dispute this to have it removed or not. I have heard that while you're in UW you shouldn't mess with your credit report at all in case you risk messing something up.
I have a personal loan that I've had for 2 yrs with NF and I've never been late on a single payment. Payment amount is 119 a month.
I also just took out a 6 month loan for 650 dollars, but have advised the LO that I can pay this in cash prior to closing if it adversely affects my DTI. Payments on this are 155 a month.
I dont have much other positive on my credit report so I also sent my LO records of paying my rent of $529 a month for 2 years with no lates and of my insurance of $120 a month with no lates.
So what do you think our chances are of getting approved through NF? If we aren't approved through them, should I try someone else?
Goal: 700 club