Hello, first time poster here...love this site!! Here's a story for the build up.
Okay, I know I'm in the right place asking this. In and around a year, I plan on applying for a mortgage, depending on how high I can get my score up which is pretty low right now. Due to being layed off a few months to getting married and missing payments like crazy on 4 accounts.
I am in the process now of clearing everything off because they have gone to collections except for 2 credit cards which are in good standing and I will keep as 2 trade lines. These items will be paid in full in a few months.
I'm married and my husband makes just a bit below me but his credit file is a mess because of my situation and having to use his credit cards as income, he has not been able to keep up with the payments and several accounts are in collection.
I will be the only one applying for this mortgage once my score gets around 640 to 660 because I will be in a much better situation and my debt to income will be about 5 to 10%. I will owe very little except what I pay on my two small cards. My monthly gross income is 43 to 4,400 a month. I get a decent condo with 2 bedrooms I will need 215 - 220,000 to borrow with 10,000 down. I've done this online calculators and they are telling me I would be eligible for 150,000.
Unacceptable! That's a 1 bedroom coop (never a co-op) if I'm lucky. I can easily afford a mortgage in the 215,000 range and even though my husbands salary of 41,000 cannot be counted he will still be there to share expenses like a roomate if you will.
Can I do this with just me? I'm hoping I won't have to wait longer then 18 months.
Sorry for the long post.