Hi guys,
New member who is very happy to have found this site. I appreciate all the advise and guidance here. I am *hopeful* to become a first time homebuyer in the next few months. I live in Vermont which pretty much is designated rural, therefore I will be applying for the direct 502 program. I am a single mom of 3 under 18. Last year was a boost year with COVID as I am a healthcare worker who had a ton of OT so last years income was $82K. This year it will go back down to about $58K, just under the income limits for these programs. I was told I would not have to come up with a down payment most probably, BUT I do have just over $12K in savings should I need to. Here are my Mortgage Fico's:
EQ - 624
TU - 638
EX - 616
DTI - 11%
I have a installment loan through GM Financial with excellent payment history. I have a CC with OpenSky excellent payment history and a Self loan builder with excellent payment history. I am not sure what else you guys need but I was hoping to get some of that incredible advice and see what you thought about my chances for a mortgage and what I needed to do next to assist this process. If I am missing anything rn please just ask, I think my brain is fried after taking in all the information on this forum, it has literally preoccupied my world. I ended up with a divorce where I in turn had pretty bad credit after and I have spent the past year trying to do everything I could to do better. I have paid all collections and they were removed, otherwise, please have at it and thank you in advance for any information or guidance! You all ROCK!!!
Starting Score: 461
Yes correct, all 3 accounts stated are open and all 100% on time payments.
My CC balance is a whopping $11 with a $500 limit.
All collections have been removed and there are no negative items or derogatory items on the CR's.
I guess I should have mentioned that I have excellent work history, I have been at the same hospital for 16 years.
Due to the divorce and bad credit I had a joint acct with my now ex through Santander and that was crazy awful with us financing new a Nissan Rogue with payments at $709 monthly with a 76 month term. As soon as I could I paid the balance of this loan after I took control of the vehicle. I paid it off early at 34 months due to having an inheritance bestowed on me. Last thing I wanted to plunk down $27K on but the lateral damage would have been worse. I then used the Rogue to trade up to a GMC Acadia financed through Ally for $457 a month. This was a new lease (first time leasee) and I ended up having 5 30 day late pymts but fulfilled the lease term of 36 mths. Due to the late payments and other collections I had on my CR I then leased new what I have now which is a GMC Terrain. This literally is the bulk of my debt, as the payment is $599.00. I also have the Self loan of $150 a month for 9 more months (I took out the 12mth loan) and then my Open Sky CC which I use each month to go through the car wash (hence the $11 balance). VT is tough on cars lol!
I read somewhere on the USDA site that the hope if 640 and above but many will get approved at 620 if other things like length of employment, DTI, etc are good. Am I wishful thinking?
PS-thank you so much!