Im trying to buy my own home; Im a single mom with 2 kids.
These are my stats:
My CS is between 608-630 No recent baddies in last 1-2 yrs.
My income on tax returns is 22k
I have about $25k in savings for down payment, willing to put the the whole amount for down payment.
I;m looking for a home in the range of 95k-125k
I have 5-6 collections about 5 years old
balances from 1k-10k not paid off
Is it possible to get a FHA Loan?
Also what if i could possible have my mom
cosign(which i rather not)
What are my options. Wait till my scores get better. What would be my intrest rates be and payments with insurance.
Do i need a FHA loan with a large down payment.
My current cards :
discover secured 0 balance - 8mo
citi secured 0 balance - 7mo
capital one secured 0 bal - 10mo
selflender installment 200/500- 8mo
secured loan 250/1000 - 14mo
all my old debts is 4 years old that was never paid off
totalling 30k. waiting 7 years for it to fall off
What if i found a home for 90k townhome and put 30k down.
What are my chances? Also can you add a spouse to you FHA loan for income?
Have you checked local records to make sure some of those rather large collections have not turned into a judgement? As the other poster asked also, what is your DTI and are those your mortgage scores or Credit Karma?