What are my chances at getting an approval tomorrow???

[Anonymous]

So, I have been rebuidling my credit diligently since last October.  At that time, my credit score was 560.  I had judgment x2 and a lien, and loads of medical and general debt on my credit report alone.  I paid as much as I could up to this point with still a few remaining.

Here is what is still on my credit report

Santander 6,823.00  (repossession in '10 which still gets reported)

local Electric bill $907  2010

Verizon $1,130.00       2010

Sprint $ 900                 2009

as well as my monthly, in good standing, student loans of $146.00 / month

My total debts are $23,000.

My new credit score effective Nov. 628.  I have been working hard.

I started my new job one week ago tomorrow, which was a $600/mo pay increase

My debt to income ratio meets the 28/36 qualifying ratio. 

I earn $61k per year, gross income is $5k/month.  $22,000 divided by 12 months is 1,833.

I work three jobs. One in an office, the second one with the same company as an on-call nurse after hours, and the third as a repite care nurse.

I have been with the 2nd job for 2 years now and the 3rd job will be coming up on my two year anniversary in the Spring.

My husband will be a joint applicant. His income is $33k per year. 

The house we're looking at is listed at $159,900.  Rather than going with our HomeOwnership center's advice and having our credit report reviewed over by her once again, I on a whim called up our realtors' mortgage lender and had them run our credit on Friday.  I am sitting on pins and needles, grumpy with my family, and most importantly SCARED of hearing bad news.

Does anyone have input for me?  Do you think the odds are  in our favor?  With a repo on a 628 credit score?

[Anonymous]

Kudos for doing what you gotta do to get back in the game.  Workin 3 jobs is busting chops.  You have my respect.

As far as getting the loan?  I think you have a shot.  You're not asking for a lot of money and your income is good.  You're trending up, perhaps some bean counter will consider that.  What kind of downpayment do you have?  620 is not all that bad.

Some get all tied up in knots about this stuff, don't let that be you.  If they shoot it down, ask why, and go back to work to fix what needs fixing.  Tell the man like Arnold did in that movie, " I'll be back."  If you miss the house you have in mind, don't worry about it, houses come up for sale everyday.  There's always a house to buy.

i wouldn't get stressed about what some lender might or might  not say.  I've been lurking here a few weeks, and in the process of securing a loan to be build a house, but I'm fascinated by how many get up in the morning and the first thing they do is check their credit score LOL, then read the Walll Street Journal, and then see who has the best credit card deal this week LOL.  I have all I need and most of what I want, so I'm good.  Now if I see something I really want, I'm prolly going to get it, and not think twice what effect it might have on my numbers.  Not going to be reckless, but within reason.   My score is good, but I was happy guy when it wasn't 10 years ago, when I decided to fix it.

So whatever this guy tells ya on this mortgage, all will be good.  Go to the movies, spend time with your friends, and enjoy your good health,  Keep us posted.