I am looking for some insight myself and would like to know if there's any possibility in obtain a mortgage for my spouse.
He is a veteran, and has served in the Marine Corps.
Income:
*He is full time and works as a diesel mechanic *40+ hours*Brings home gross $900 before taxes every week*After taxes we are looking at between $780-800 after the deductions*VA disability income every month at the amount of $879
Debt:
*Credit one Master card minimum payment is $30 dollars, but is maxed at $536.00, closing statement is on the 17th of every month. We have a scheduled payment of $500 to be taken out upcoming 15th to show low usage
*Credit one Visa/Debit card minimum payment $25 a month, but balance is at $455.61, with a statement closing on 3rd of every month. We will pay down this card down before closing statement to reflect low usage
*Capital One Platinum Card minimum payment is $25 a month, and has a balance of $485, the statement closing is the 10th, we will have a payment processing of $480, to come out
*Capital One MasterCard minimum payment is $25 with a balance of $308, due date of the 27th, statement closing is the 2nd, we will have this card paid down by .
*Carecredit, has an all time HIGH usage , which I know is the reason for such a big impact of his score and usage, it’s at 100 percent utilization. The amount on this card is 2900. We plan on paying this card down payment before the closing statement on the 13th, with the amount of $1200.
This month, the Carecredit, Capital One, and Credit one will all have significantly low usage so we are crossing our fingers that this will do the trick of being the scores up. At the moment all scores are .
Now here are the negatives:
-We are currently in the process of waiting for his student loans to Consolidate, they were in bad standing but manage to not report in his credit report (based off his pay and family size, they stated he could be eligible up to 12 months of $0 payments)
-Old judgement that we are paying $140 a month since Last year with proof of an agreement between the court and ourselves. We also have saved receipts of such payment. (Unsure if this will have an impact with a VA loan, but we have been told by other lenders as long as it has been more then 12 months/ or have an agreement in writing with payments then it will be fine)
-Repo, that last reporting was from 2017, I have NOT contacted or received any contact from this company, and last reporting was made current. I was working with another mortgage lender who stated to leave this alone
-1 collection from Sprint in the amount of $792
I apologize for this long post but figured this will give you some insight as to what is on His credit profile. Is there any possibility of him even obtaining a mortgage loan. I have done a lot of work of cleaning his credit up from a low 400s to this, pay to deletes and verifying debt which a lot has been deleted. I am now hoping that after paying the cards down, that we will be ready to start the application. We have told ourselves by the end of March is when we will apply, but if there’s any time to start sooner that’ll be great. We don’t want to wait to the last minute, as we have small children. Thank you for your time, and I hope to hear from you soon.
30 day post DC
60 days post DC
94 days post DC
