Established Contributor
Lasardo
Posts: 738
Registered: ‎04-26-2012
DoI qualify for a mortgage?

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.  

Listed accounts: 

Auto loan:smileytongue:erfect,  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. 

 

 

CREDIT SCORES:

 

Experian: 704 (pulled from Experian.com)

Equifax: 703 (pulled from Myfico.com) 

Transunion: 654 (pulled from Credit Karma.com, and TransUnion by mail) 

 

Negatives/Baddies

 

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. 

Thanks 

 

 

CS 728- 01/13 from 554-12/11
Goal: 800