Re: DoI qualify for a mortgage?
12-02-2012 09:32 PM
Disability income can be taxable in some instances. Just make sure you have tax returns squared away.
I paid off my one and only installment (also a car). EQ increased and TU decreased, both by single digits. I wouldn't worry. IMO, it doesn't matter when you apply.
The AUs may or may not be hurting util, and may help or hurt your AAoA. You'll have to do some math on that.
Ignore the inquiries.
Ignore your TU and EX scores.
If the CO hit your TU, then it isn't too old to report. Since it fell off, I'd PIF ASAP. That might stop them from re-reporting via the CA or whomever holds the debt now. Also if deleted, it already is factored out of your FICO. FAKOs can be screwy sometimes.
When we bought our home, we had to pay about $3-$4k out of pocket during the process for the home inspection, insurances, utilities setup and deposits, moving costs (did 90% of it myself), gas $$$ during the home search, etc. This excluded the major costs like repairs, new furniture, unforeseen expenses, etc. You definitely want a good chunk in savings. Our lender also asked for $25k down (5%) and asked that we have a one-for-one match for reserves, which meant another $25k in savings. YMMV on your lender, but they do want you to have a few months worth of savings just in case.
Be sure to opt out from the CRAs prior to applying.
Play with some of the calculators out there. You can get a general idea of how much home you can afford. I think you would be right around $100k tops, and that's with $0 balances on all credit accounts (the car won't count since it's being paid off).