Just stumbled on this forum last night, read alot of posts, very good info and full of knowledgable people. Ill be as brief as possible.
In 2011 both wife and myself lost our jobs within 30 days of each other. Couldnt pay our mortgage, first missed payment was im May 2012.
The house was subsequently foreclosed in 2014. Then my wifes 90 year old parents couldnt care for themselves so we became primary care givers from June 2012 until October 2017 when both passed away. During that time we wear able to rent homes and have to this day. There were other missed apyments etc, but to get a shorter tale, all that is on my credit report now is the missed payments on the house that started in May 2012. I have not used or tried to use credit until recenty. A year or so ago I had no credit score as I had no credit. Took out a $250.00 secured card, but have kept it at zero balance which I now see was a mistake, i will from here in keep a 18-20 dollar balance on it. My credit score was running between 668-682. I 3 months ago purchased a car to get that type of loan going, put $10000 down financed $12000, first payment was this month. Because of loan and inquiry my scores took a hit lowest is 652 up tp 665. We had planned on just renting forever as we have sufficent income ( retirement ) to afford it. I must add I am 68 years old. wife 66. Our household income is approx 77000 yearly , tax free. We drained most of our savings giving both a son and daughter sufficent cash to each put 20% down so they could purchase a home. No we are feeling we might want to but a small home (150000 or less), in the State of Georgia where we live. Question are
Should we wait til we have a 20% down payment, (would probably take about 14 months). or if a good deal comes up put together 10% plus closing and eat the PMI. We are below the income threshold for this state for USDA guaranteed and I am a Veteran, but everything I read says sellers are hard to find that will accept those loans. Also I would like to wait until my Fico goes back up, and thoughts when it might bounce back up. My yearly income without my wife is approx 50,000, wife is just starting to build her credit, current scores around 560 or so.
The car payment 212dollars, and the secured card 0-15 dollars are our only bills. Hope I made this understandable. At my age I am just not sure if we should wait. or jump sooner and eat the PMI until we gat to 20% equity or is USDA or VA Better
