- Credit. What are your credit scores and if you have any, what negatives (collections, charge-offs, late payments, BK's, judgments, tax liens, back owed child support, etc.) are on are credit and if they are owing or not. When were the negatives, this is important, month/year is preferred, such as 3/07. For BK's the Ch, filing & discharge date. Even if credit isn't less than perfect, if you only have credit for a short period of time (<24 months), authorized user accounts (which aren't considered by underwriting), accounts from your father with the same exact name because you are a Jr., etc. that is important information to know too.
Feb 22, 2015
Last Reported
Dispute resolved; customer disagrees
Remarks
Feb 22, 2015
Last Reported
Dispute resolved; customer disagrees
Remarks
Mar 03, 2015
Last Reported
Account information disputed by consumer, meets FCRA requirements
Remarks
Apr 01, 2015
Last Reported
Placed for collection
Remarks
OLD PHONE BILL
Feb 04, 2015
Last Reported
Placed for collection
Remarks
APPARTMENT <--- This is from an appartment the wife and I had been renting. These charges are for *damages/cleaning* they have pictures to prove we owe. But we have pictures to prove we do not owe anything the appartment was spotless before we moved out.
$542
Feb 06, 2015
Last Reported
Placed for collection
Remarks
May 18, 2015
Last Reported
Account information disputed by consumer, meets FCRA requirements
Remarks
MEDICAL <--- Was unaware of this, and will be taking care of Friday 6/12/2015
$124
Jun 01, 2015
Last Reported
Placed for collection
Remarks
Learn more about how to dispute items on your credit report.
- Income. Gross income is what is important when qualifying, not net income. For self-employed/1099'd people it's your gross income minus expenses/write-offs, adding back in depreciation/depletion. I know this is pretty sensitive for some people to list their income, but remember this board is anonymous (for those of you who want to remain that way). If you don't want to list your income, and just want to receive advice without addressing that part of qualifying (which is very major), just say you have enough income, no one will pass judgment, but realize the advice given might not be able to be complete.
Both my wife and I working, 1 year on job for me, 2 years on job for her
- Source of income. Where is the income coming from? Employment, pension, social security, disability, foster care, VA benefits, rental income, lottery income, etc. If it's from employment, is it salary, hourly, overtime, bonus, commission, etc.
She gets child support
- Monthly debt payments. This goes hand in hand with income and the new mortgage payment to determine your debt to income (DTI) ratio. Only items on credit is the general rule, but also items such as alimony, child support, union dues and some other work related expenses are included too. Only the minimum required payment amount is what underwriters are concerned with. Items such as utilities, cell phone, insurance, etc. are not included in the DTI. If you have a question if something is included just ask.
Credit card payment is 49$ a month. Has been on time and is up to date. Truck payment is 355$ a month on time and up to date.
- Employment (for those who are employed). What type of employment such as self-employed, S-corp, W-2'd, 1099'd, part-time, full time, 2nd job, etc. How long have you been on the job & how long have you been in the industry. A 2 year employment history is what most loan programs require. For those who have been self-employed less than 2 years, what did you do before your venture? For those of you who have less than 2 years employment history, did you graduate from a higher education school before you started working?
Been working as an auto mechanic for 7 years on and off. Wife has been working in health care for 5+ years.
- Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway). Savings, checking, 401k, IRA, stocks, bonds, CD's, mutual funds, money market accounts, gift, etc. all can qualify. If it is a pension or retirement account that does not permit you to withdraw or take a loan against (other than for hardship), and is only able to be used after you quit or retire, then it cannot be used as reserves.
10,000$ cash down
- Location. What state & county. City or zip if you want but usually that is not needed. This is to determine FHA loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.
Home that we are looking to purchess is in Jefferson county, mo.
- Property. Is it a single family house, condo, townhome, 2-4 units, 5+ units, manufactured home, a co-op, condotel, the penthouse of a 45 story apartment building, suburban, rural, a lot of acres, a working farm, a gas station, etc. Also the condition of the property is helpful, as lenders have certain minimum requirements properties must meet (working utilities, etc.).
Single family
- Value. For a purchase transaction, what is the home price range you are looking in, narrowed it down to, or are under contract for... and for a refinance transaction what is the appraised value of the home and when did you purchase your home.
asking price is around 70,000$ it is valued at 130,000
- Occupancy. Primary residence, vacation/2nd home, non-owner/rental property.
Primary Residence
- Transaction Type. Is it a purchase, refinance just for better terms, refinance to take cash out, looking for a 2nd mortgage, a reverse mortgage, etc.
Purchase.
