Asking for a family member. Thanks for your help in advance.
Will she quailfy for a mortatage of $80-100,00
Income: $2900 monthly ($2000 from employment before taxes and $720 from SSI for a child)
Debt : $ 972 monthly (rent 650, car note 322,
Baddies: None but does have a $5500 balance on a credit credit that was closed backed in 08/2014. Hasnt missed a single payment on the account before it was closed or since its been closed. All other credit cards are paid off with 0 balances.
All credit scores appeared to be 655 or better based on what I was told.
She will be a first time home owner.
Oh also was told she has a thin file. Perfect payment history on all accounts however accounts have only been opened for 3 months to 20 months. Does have a few prior paid small auto loans back in 2005, 2010, and 2013. 2013 was the largest loan for 25k however she paid it off in 4 months so it only shows 4 payments prior to being paid off.
She only has about 2k in savings. Cant have more she say or she could lose the SSI payments for child.
She will be using a down payment assistance program.
Starting Score: 597