My story the short version.
Credit is not so great, living in a moblie home and the new owner wants to hit me with almost 150$ in new fines every month, unless I agree to this new contract. If i sign the contract i'm stuck here for a year, if I end the contract early I can be sued for the months I would not be living here. My current payments are right at 650$ a month, Been here 2 years I'm current on all payments. I need to move out asap!! I have found a home sale price is 67,000$ I have 10,000$ cash to put down on this home, my payments would need to be around 700$. My credit history is all medical, I have 4 years of credit history 1 late payment in the last 3 years. Current on my auto 2nd auto loan(9k owed), CC is current. Wife is in the same boat as I with her credit history but her score is alittle better then mine. So my question, is there a snow balls chance in hell we can find a mortage loan?
It'll be helpful to answer these questions, especially income level despite your $10,000 downpayment available:
The 540 credit score and assuming the mortgage FICO reflects similar levels is a cause for concern. You may want to work on improving it and relocate to somewhere else if you really do not want to be locked into where you are at addtiional fees. Most likely you'd not qualify for a loan, so your next best option is to move to someplace else, and work on bringing up the FICO score by making your accounts current, etc. This is a marathon, not a sprint. It'll take time, but doable if you make the right moves to bring the score up and present a stable income stream to warrant a loan that is repayable.
Learn more about how to dispute items on your credit report.
Both my wife and I working, 1 year on job for me, 2 years on job for her
She gets child support
Credit card payment is 49$ a month. Has been on time and is up to date. Truck payment is 355$ a month on time and up to date.
Been working as an auto mechanic for 7 years on and off. Wife has been working in health care for 5+ years.
10,000$ cash down
Home that we are looking to purchess is in Jefferson county, mo.
asking price is around 70,000$ it is valued at 130,000
Hope that is not to much of my personal info, I pulled the names and collection agents. dates and balances is all I left really.
I know this is kinda out there, but if it's just you two & you don't have much stuff, you could build a tiny house for less than $10K.
My wife and I have 3 kids, a tiny house would be fine if it was just me alone still, I would stay in my pickup and leave this place.
The negatives on the report is what is bringing the score down, it is a serious issue that prevents a bank from wanting to loan to you. Step #1, clean up the record and build up the record. Given this, it doesn't matter your income level, but I just thought I'd say, you did not mention income level, it is ok to state income level as you are anonymous, we don't know you plus people here will need it to calculate various ratios for you such as debt to income level (DTI) etc so it helps to put all your detailed info down. Anyway, the FICO issue is more important, focus on clearing your report and raising those scores.
I ment to put my income, between the wife and I we make about 2200$ after taxes, total of 36,000$ last year. She also gets right at 400$ a month in child support.
By the way for future reference what counts is BEFORE taxes or gross income NOT after taxes since that is what is used in bank underwriting for mortgages and your debt to income ratios, etc.