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Hypothetical Situation- Please humor me :)

New Contributor

Hypothetical Situation- Please humor me :)

This is where I hope to be someday. I just wanted to see if my goal is realistic. Would I be able to buy a home with the following criteria?


Credit. Mid score 650.

         4/12- Student loan 180+ late (x8 separate loans) paid on time since





Source of income. Where is the income coming from



Monthly debt payments.

        Student loans-$136

        Car-$570 (could refinance and get a better rate and the payment down)



        This could be tricky. I have been at my current position for 2 months( but don't plan on buying for AT LEAST a year). Before this I took 3 years off to stay at home with my kids. I am in the same industry I’ve been in for 10 years.


         20K down. 15K in reserves


         Colorado-North of Denver


         Single Family, no more than 10 years old


          Looking in the 180k-200k range



Transaction Type.


Message 1 of 5
Moderator Emeritus

Re: Hypothetical Situation- Please humor me :)

2 penguins walk into a bar...   Oh wait, different kind of humor huh?   Are those SL lates  your only baddies?  Income and DTI look OK to me,  credit score is in the OK range but can improve that within a year.   You need to send GWs for those SLs, maybe you can get lucky.  Yes, keep paying on time, check your revolving debt, and garden everything well.  I can see a new home in your future.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 5
New Contributor

Re: Hypothetical Situation- Please humor me :)

LOL! thanks! The student loans aren't my only baddies, but I'm pretty sure I can get the others removed by the time I'm ready to buy. If everything else looks ok this is what I will strive for. It just helps to have something to work towards! 

Message 3 of 5
Valued Contributor

Re: Hypothetical Situation- Please humor me :)

You could do FHA with that scenario, possibly conventional depending on how the lender looks at the income/employment.

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $3,500, Blaze MC $2,500

AU Cards: CSP $37.7k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 4 of 5
Valued Contributor

Re: Hypothetical Situation- Please humor me :)

Your biggest hurdle in my opinon will be your employment even though you have been in the same field for 10 years, that 3 year unemployed break may throw up some red flags. If at all possible I would probably wait until you have 2 years of steady employment before applying, but you can speak to the lenders and or brokers in your area and get their opinions. Income is okay just a little borderline on the value of home you are seeking. The late payments will age more and should be less of an issue but once again will depend on what type of loan you are seeking and the underwriter. 


Good Luck.........

Good Luck
May all your dreams and wishes become a reality!
Message 5 of 5