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Looking to buy a House in the 4-12 months!

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Looking to buy a House in the 4-12 months!

Hello everyone! Im looking to buy a house as a first time buyer, but currently Im in chapter 13 (3 years on a 5 year plan), was in college at the time and heading into my last two semesters ( 3 years of college) which required more time for clinicals and observations on specialty units that inturn put hardships with my work schedule as my former employer was not going to let me have extra time off to graduate. I resigned and lost my income to pay carpayments and credit card payments. I had to live off of what little savings we had, the 900 dollars a month on the GIBILL housing allowence, and my wife got worke as part-time since we had a child at the time at home with us. Was at end meet and was talking to someone who was in the same situation years ago who did chapter 13.  I am currently renting a 3 bedroom house but the neighborhood has become a terrible neighborhood, the state gave legal guardianship of my 2 grandchildren, and we need a bigger space for the 2 grandchildren. I'm looking to buy 4 bedroom 3 bath house with nothing over 170k (cheap in GA in a nice community) with VA backed loans (No Downpayment required but will still look to put something down). I have my FICO 8 score at 606~, FICO 2 at 512ish. I have my student loans included in the bankruptcy except one and paying it ontime. I have 5 credit cards or bank cards ( each under 750 credit limit, and yes my state trustee allows for anything under 1k without permission) utilization @ 31% with ontime payments. I have paid my chapter 13 ontime in the past 3 years. I have tried to get my scores above 620 to qualify for a VA loan but everytime I get to 610-616 it drops back down to the 590s and a day or two later it goes back up to 600-605. It is driving me crazy!  I cant use Cap one since i burned them. USAA pretty much laughs at me and Navy Fed straight up says no unless I am @ 640 FICO. Im working with Veterans United but they need a 620 score. Does anyone have any advice? Thanks in advance!

5 REPLIES 5
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Established Contributor

Re: Looking to buy a House in the 4-12 months!

I would recommend reaching out to the Trustee to see if he has a lender to refer to you since you'll need him to help you petition the court for approval anyway.   

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Licensed NC Mortgage Loan Originator
Message 2 of 6
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Regular Contributor

Re: Looking to buy a House in the 4-12 months!

My only (not that helpful) advise it to find a bigger place to rent. It doesn't sound to me that you are in any position to be purchasing a house right now just based on the complication of the current BK.

 

What is your income? What does your DTI look like?

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Message 3 of 6
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Established Member

Re: Looking to buy a House in the 4-12 months!

Lol. She straight up said she doesn't and I have to look for one myself.
Message 4 of 6
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Established Member

Re: Looking to buy a House in the 4-12 months!

Income is 79k for the past 3 years a substantial amount more from the 27k I was making in the same field of work. In south Georgia that is great pay. My Dti is at 34% right now. No car payments except the one in bankruptcy. I usually have around 1700~ a month we put up into savings. Renting is not an easy option. I pay on 550 in rent. If I were to rent a place elsewhere, my rent jumps to 1100-1300~/month. I'd rather pay a mortgage knowing it's a future investment.
Message 5 of 6
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Regular Contributor

Re: Looking to buy a House in the 4-12 months!

I'm in North GA (Hour outside of ATL) so I know that that's a pretty decent wage, but your DTI is really too high to qualify for a mortgage right now.

 

Unfortuatly, regardless of your aspirations, the lender will look at the hard facts, and I don't see that a $1100 mortgage (which is another 17% on top of your current DTI) is going to work with anyone as it'll put you at over 50%

FICO 8s 790-807 across all 3 CRBs

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Message 6 of 6
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