Hi everyone,
Thank you for taking the time to read this post over. I will try to sum it all up so it is an easy read. I am in NY and a little over 5 years ago I had my identity stolen by a family member. Since they agreed to get help (drug addiction sadly) I did not file charges but had to file chapter 7 due to all the debt they ran up. (They are doing well now btw). I took some time to go back to college and earned two bachelor's degrees and graduated Dec 18'. I have been working for a compnay right after and have now been offered a new position by one of my clients starting next month, April 2020. I will be making $52k a year plus they give a 15% bonus in every March and then they give a 25% bonus again in May but that is on the form of company stock for retirement. I am also married with three boys all under the age of 3 and my oldest has Down Syndrome (I was told to mention this as it may help for different loan options but I personally am unsure about it). My wife is a astay at home mom as well as a student but she will not be on the mortgage moving forward it will just be myself.
I have since built my credit score on CreditKarma to almost 740, MyFico has it listed just under 700 at 697. I have paid off all credit cards and have just under $30k in available credit so I think I am doing great there. I also do not have a car loan at the moment thank goodness. But I do have school loans totaling just under $44k. My monthly payment is only $37 because I qualify for their debt forgiveness program and after so many years my remaining balance is therefore wiped they have informed me, so I am feeling good there. Although MyFico states my score is lower due to the school debt, but I cannot do much about it as that is how I was able to go back and obtain my degrees.
I am now in the market for a mortgage and am extremly nervous and excited about what I may qualify for. My DTI is next to nothing sine I am on a repayment plan of only $37.00 a month but am unsure how the banks will process my paperwork. Will they do only the hourly or also add in my bonuses? We do get $225 a month as well from SSI to help pay for housing due to my son's disability. Will/can that be counted?
Any and all constructive advice is much needed and appreciated to help us get in the right 4 bedroom home that we will need for this size of a family.
Thank you
