Would I get approved??

Nik2010 — Thu, 05 Dec 2013 18:44:15 GMT

Here are the details. Do you think I would qualify? I live with my fiance and our kids, but his credit is shot, so we're just going to do it under my name/numbers. Certainly willing to go FHA. No USDA in the area, and am not a veteran.

Credit.
Scores (from myfico): 649, 651, 665

Negatives: 3 old (over 2 years) collections that total under $700. Didn't want to do anything with them as action could hurt my score, so I'll sit tight on those for now. Also have 3 judgements from 5 years ago, but they were all Satisfied back in June of this year.
Income.

$50k/year
Source of income.

Employment wages - Salary
Monthly debt payments.

$245 - ($90 in credit cards; $155 personal loan installment)
Employment

W-2, full-time. Employed at company for 2 years, employed in field for 19 years
Assets/Reserves.

IRA account $11k, plan to use some for down payment; also have savings and checking, but nothing substantial
Location.

Pennsylvania - Allegheny County
Property.

Single family house - 4br/2ba - All brick. Newer mechanics and roof. Aesthetically it is in dire need of updates
Value.

The home we are looking at is $39,900
Occupancy.

Primary residence
Transaction Type.

Purchase

Thanks!

Re: Would I get approved??

Bleu — Thu, 05 Dec 2013 19:37:50 GMT

You make 50k and the home is 39k? I think you'll be ok.

Re: Would I get approved??

Nik2010 — Thu, 05 Dec 2013 21:11:20 GMT

I'm just really anxious about it. I have no confidence when it comes to financial stuff. I started off with pretty bad credit...and worked hard to clear it up and bring the score up, but I always feel like I'm missing something and any doors to owning a home will slam in my face. May not be rational, but until an LO tells me otherwise, I tend to prepare for the worst and hope for the best.

topic Would I get approved?? in Mortgage Loans

Would I get approved??

Re: Would I get approved??

Re: Would I get approved??