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Would like advice about mortgage loan and biting the bullet to do it.

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Established Member

Would like advice about mortgage loan and biting the bullet to do it.

I have talked to a mortgage broker from this community and will be working with him.

However, I am terrified. Below is my information. Just the unknown - I should go ahead and do the loan application, etc. Just would like some information before hand.

 

 

1. Mortgage Credit Scores:

EQ: 721, TU: 711 EX: 729

2. Credit Negatives:

TU:

State of MO - Account holder - Individual, Date filed: 08/15/2011 - Date Paid 11/18/2014 amount 494.00

State of MO - Account holder - Individual, Date filed: 08/15/2011 - Date Paid 11/18/2014 amount 494.00

State of MO - Account holder - Individual, Date filed: 07/30/2012 - Date Paid No date amount 498.00

NOTE: TU will not take these off my CR. These are taxes that my ex had because he didn’t file any paperwork for a business he had. We were married at the time and even in the divorce decree it says that it is his responsibility.

No other negatives.

3. Gross Income.  2014 - 46,000, 2015 - 47, 000, 2016 - 50,000, 2017 - 51,500 NOTE: each year there is a bonus of about 7% that will be in the next year.

4. Source of income.  Salary work

5. Monthly debt payments.

Car loan: date Nov 2015, for 22,200 owe today 18410, loan is for 72 months - monthly payment is 332.00

AMEX: 2200 - payment $35.00

DCU: 1400 - payment $35.00

Discover: 1000 - payment $25.00

Not on credit report

Additional: 401K loan for 6,000 - payment 68.00

Have 23 lines of credit per each CRA, with each having 13 opened. The rest were closed by myself.

6. Employment

Employed, Full time, Salary, present company 4.5 years in the field for 7 years.

7. Assets/Reserves. Savings,

Checking - minimum $400.00

Savings - less than 100.00

401k - vested 80 % of  36,000 can borrow 50% of that

8. Location:

State: CA

County(s): Sacramento

City or zip(s): 95828

Property taxes: about 2100.00

Homeowners insurance: about 1200.00

9. Property Description:

Townhome, attached, single family home ( there are 2 units per building.)

I am the occupant - renting from sister/nephew for 5 years. (1060.00)

Condition: is good for a 30 year old property.

10. Property Value.

Appraised value: approximate 170,000 to 190,000

Purchasing for loan amount: 117,000 - (plus closing costs, etc) thinking it would be 125k to 130K for loan.

11. Occupancy.

Primary residence

Living there: myself (plus a roommate that rents a room only, no financial responsibility.)

I am a Veteran.

12. Transaction Type.

Purchase

 

NOTES:

1. Wanting a VA loan for purchase price plus closing costs of about 8000.00?

2. No down payment

3. The home I am buying from my sister/nephew for the outstanding loan amount. I have no children and everything is willed to them.

4. Due to being in the State of California - my ex and I divorced so that the house, loan will be in my name. The 401k loan is a settlement, $6,000 that I gave him for the divorce plus $4,000 cash.

Had a veterans loan in 1980 - that was paid off when the house was sold in 1990.

Credit reports do show recent credit card applications. I went to a new position that has more travel and I have to be reimbursed for expenses. New Credit is for hotel lines.  Which are paid off 100% as soon as the statement comes out.

Last year: Nov 2015 to present

EQ: 2 in Dec 15, 2 in Feb 16, 1 in Apr 16 from Mortgage loan broker, 1 in Nov 16 for moving cell phone in my name

TU: 1 in Apr 16 from Mortgage loan broker

EX: 1 in Dec 15, 2 in Jan 16, 1 Feb 16, 1 in Apr 16 from Mortgage loan broker

Was going to start the process of the loan in April 2016 - however wanted to do the divorce, due to community property.

None of the credit has been in my ex’s name. We were separated for 4 years and just never got around to doing the final divorce.

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1 REPLY 1
Moderator Emerita

Re: Would like advice about mortgage loan and biting the bullet to do it.

Now that you are officially divorced - you are in a great position to buy the townhome. Smiley Happy 

 

A VA loan is one of the best ways to purchase.  I'm just a Realtor and not a LO, but your info looks very good to me. Apply away Smiley Happy

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