DoI qualify for a mortgage?
12-02-2012 01:11 PM
Do I qualify for a mortgage loan?
I have a fixed income of $1765.00 a month. (do not pay taxes) i was told by a broker that they can figure in a higher gross because I don't pay taxes, not sure if this is heresay. I am disabled.
Auto loanerfect, all on-time payments, car will be paid off February, Febraury 01,2013 will be the LAST payment. My concern is that the account will close, will this make my score plummet? Should I get the mortgage loan before Feb/2013?
Cap1 $500 CL, opened December 2011, current balance: $0 (PIF every month)
Cap1 $300 CL, opened January 2012, current balance:$0 (PIF every month)
First Premier $300 CL: opened March 2012, current Balance:$273, will be paid off tomorrow, cycles 9th so will boost score.
Merrick: $700 CL opened October 2012, current balance: $0 (PIF every month)
Victorias Secret $350 CL, opened April 2012, current Balance, $90 but paid, cycles 14th.
AU on wells Fargo appx $3000 balance
AU on Bank of Amex appx $3000 balance
I have 7 hard inquiry's plus 5 from 2011 that are not reflected in my score but remain on my report.
Experian: 704 (pulled from Experian.com)
Equifax: 703 (pulled from Myfico.com)
Transunion: 654 (pulled from Credit Karma.com, and TransUnion by mail)
Grant and Weber: $234 will be removed tomorrow when first business day of month cycles, (assuming) paid off (PFD)
Unique NatIona's Collection:$253: not paid becAuse will actually fall off December 2012
These are not showing up in credit score, I am assuming because they are so old
I had a charge off, paid, hit my TransUnion this month but received a Dispute notice by mail that it was "Deleted" but it is not reflected in my TU score as of yet.
I started at 554, 27 negatives, 3 judgemnts, I have worked very hard this year to remove these and have worked at getting my scores up..(myfico.com)
I was told by broker that I qualify for 5% down thru a grant thru city.
I do not have any debt as of Feb 2013 but I do not have much cash in reserves, ($1300) all my cash has gone towards paying off debt..( how much will I need for inspection, insurance, appraisal..and can I put closing costs at the end of the loan?)
Before I start the Pre-qualification process and pull my reports and land yet another hard inquiry, I was hoping I may catch a broker or some one here that specializes in Mortages and give me any advise that may help.