This will be lengthy and probably contains a lot of excessive information, but with our past credit history, we're leaving no stone unturned. I want to make sure we can get approved and get through underwriting.
Income: $97k from 2016 tax year. ($84k from base salaries, $10k from bonuses, and $3k from 1099 income.) Salaries have already increased for 2017, if that matters.
Credit scores: Both me and my husband have our middle mortgage FICO scores hanging around 660-670.
Monthly debt payments: $1500 in auto loans (due to refinancing and selecting very short terms.) $150 for student loans.
We filed a Chapter 13 in 2009 and included a house. It discharged 5/2014 but the house was not foreclosed on until 11/2014. Both have aged off our credit report. All other negative items from that period have aged off.
Before we refinanced a vehicle we had a subprime lender. They reported a 30 day past due payment five months in a row from 1/2016 to 5/2016 and I have no idea why. I have sent proof of payments, made calls, disputes, wrote letters, etc. and I can't even get a basic explanation for this. At this point I don't think it will ever be changed. We do have proof of payments and the payments have even been reported on our credit report, but the 30 day past due report remained for all five months.
I found a medical collection on our Transunion reports from 2012. The agency has agreed to delete them when we PIF, which I will get done this month.
We just opened our first credit cards last summer/fall and the bankruptcy fell off in December, so our scores have ticked up a bit every month. We won't be purchasing until summer and I was hoping we'll be at 700 by then, but who knows.
We have $17k in cash, looking to finance under $200k. I was hoping to have a low down payment because anything under $200k in this area will need some work. We also have retirement accounts and we absolutely will not be utilizing those funds. I've been with my employer 10 years. DH was with his previous employer for 10 years but took a better opportunity in April 2016. We've rented the same house for five years.
I'm so nervous that I can't even bring myself to talk to a lender, so I need some sort of feedback here. Thanks!
Income: $97k from 2016 tax year. ($84k from base salaries, $10k from bonuses, and $3k from 1099 income.) Salaries have already increased for 2017, if that matters.
Credit scores: Both me and my husband have our middle mortgage FICO scores hanging around 660-670.
Monthly debt payments: $1500 in auto loans (due to refinancing and selecting very short terms.) $150 for student loans.
We filed a Chapter 13 in 2009 and included a house. It discharged 5/2014 but the house was not foreclosed on until 11/2014. Both have aged off our credit report. All other negative items from that period have aged off.
Before we refinanced a vehicle we had a subprime lender. They reported a 30 day past due payment five months in a row from 1/2016 to 5/2016 and I have no idea why. I have sent proof of payments, made calls, disputes, wrote letters, etc. and I can't even get a basic explanation for this. At this point I don't think it will ever be changed. We do have proof of payments and the payments have even been reported on our credit report, but the 30 day past due report remained for all five months.
I found a medical collection on our Transunion reports from 2012. The agency has agreed to delete them when we PIF, which I will get done this month.
We just opened our first credit cards last summer/fall and the bankruptcy fell off in December, so our scores have ticked up a bit every month. We won't be purchasing until summer and I was hoping we'll be at 700 by then, but who knows.
We have $17k in cash, looking to finance under $200k. I was hoping to have a low down payment because anything under $200k in this area will need some work. We also have retirement accounts and we absolutely will not be utilizing those funds. I've been with my employer 10 years. DH was with his previous employer for 10 years but took a better opportunity in April 2016. We've rented the same house for five years.
I'm so nervous that I can't even bring myself to talk to a lender, so I need some sort of feedback here. Thanks!
@Anonymous wrote:
This will be lengthy and probably contains a lot of excessive information, but with our past credit history, we're leaving no stone unturned. I want to make sure we can get approved and get through underwriting.
Income: $97k from 2016 tax year. ($84k from base salaries, $10k from bonuses, and $3k from 1099 income.) Salaries have already increased for 2017, if that matters.
Credit scores: Both me and my husband have our middle mortgage FICO scores hanging around 660-670.
Monthly debt payments: $1500 in auto loans (due to refinancing and selecting very short terms.) $150 for student loans.
We filed a Chapter 13 in 2009 and included a house. It discharged 5/2014 but the house was not foreclosed on until 11/2014. Both have aged off our credit report. All other negative items from that period have aged off.
Before we refinanced a vehicle we had a subprime lender. They reported a 30 day past due payment five months in a row from 1/2016 to 5/2016 and I have no idea why. I have sent proof of payments, made calls, disputes, wrote letters, etc. and I can't even get a basic explanation for this. At this point I don't think it will ever be changed. We do have proof of payments and the payments have even been reported on our credit report, but the 30 day past due report remained for all five months.
I found a medical collection on our Transunion reports from 2012. The agency has agreed to delete them when we PIF, which I will get done this month.
We just opened our first credit cards last summer/fall and the bankruptcy fell off in December, so our scores have ticked up a bit every month. We won't be purchasing until summer and I was hoping we'll be at 700 by then, but who knows.
We have $17k in cash, looking to finance under $200k. I was hoping to have a low down payment because anything under $200k in this area will need some work. We also have retirement accounts and we absolutely will not be utilizing those funds. I've been with my employer 10 years. DH was with his previous employer for 10 years but took a better opportunity in April 2016. We've rented the same house for five years.
I'm so nervous that I can't even bring myself to talk to a lender, so I need some sort of feedback here. Thanks!
Hi Rissaroo,
1) What type of mortgage did you have on the home you included in the BK?
2) FHA is not going to be an option (unless you qualify for an extenuating circumstances exception) until 11/2017 due to the foreclosure.
3) It is IMPERATIVE that you get the recent late payments deleted from your credit report. Any deragatory hits after a major derog like a BK & foreclosure can be grounds for an underwriter to deny your loan. This should also help bump up your scores.
