is a mortgage in my near future?

[Anonymous]

Can someone tell me if I would be able to obtain a decent mortgage with this info? I wasn't going to look for a home until my credit had improved and I had a downpayment of at least 20 %...but I found a townhome I am intersted in. I am afraid to go any further without knowing my possiblities first. I don't want any further drop in my scores for a failure to be approved.... Here is my info...

salary- $84,444- minimum yearly salary ( $7037/month)

currently interested in a townhome purchase price $209,000.

DTI - 17% ($1168/month) no current mortage

down payment $10,000- or less if possible

FICO scores (credit card co. has not updated the Christmas debt that has accumulated but now been paid down to $190 out of $900 limit- scores should be a wee bit higher in the next month because of this.

TU-632, EX 626, EQ- 630

the baddies on my credit report are :

1. capital one that is now 6.5 years old (due to be removed by 3/09)- no luck with GW or disputes -no attempt for PFD due to age of account

2. Sprint PCS for $303 reported 5/07 (need to PFD soon)

3. ONE 30 day late on my credit card ( thought I paid the bill and didn't.) They will not remove it.

Do I have a chance to obtain a mortgage and what kind of interest and payments would I be looking at? Interest rates and home prices have fallen... Should I go through with it or wait until I have better scores and downpayment?

[tryingtogetitrightnow]

howdy,

I'm pretty close to your situation, except in a higher priced housing market (Seattle). I'd pfd that $303 right away. How long ago was the 30 day late? From what I've heard as long as your last 12 months has been clean, you should be ok for an FHA. And I think some lenders require a minimum FICO for an FHA and some don't, but the ones that do require a min. score of 630, so you're right about there. Is that your DTI after your proposed payment is added in or just with your current debt? From what I've seen, your DTI can go up to 40-43% or so. I'm guessing you've got a pretty good shot. Keep us updated with how it goes for you. BTW, what part of the country are you in?

[Anonymous]

   Thanks for responding!!!!

 I haven't attempted the PFD yet since the printer is sometimes compatible with the windows Vista system I am on. Frusterating when it doesn't print the letter to send, so I have it currently have it disconnected. I really need to have that sent ASAP though.....

   My 30 day late was in 11/06- and no lates since then. This is my only credit card.

  The 17% DTI is without a mortgage...just my current bills. I would assume that with a mortage it would be somewhere around 41%? This is also just my score/bills/salary listed....my husbands scores are about the same as mine and he has virtually no bills. I didn't factor in his info since he makes less than I do, I assume lenders would concentrate on me anyway.

  I live in central PA and I am looking in this area to buy as well.

 What requirements does FHA have? Do I have a chance without FHA?

[tryingtogetitrightnow]

As far as Vista goes, my printer would NOT work with it even though it's only a couple years old. And I'm a Software Engineer. In uninstalled Vista and installed Windows XP instead. I really despise Vista, but have to use it at work. I would recommend XP over Vista any day if you have a choice.

[Anonymous]

My printer was brand new....compatible with Vista.....I hate this operating system too...   :-(

[Anonymous]

I have my Vista upgrade sitting in the 'someday when it will actually work' box....

Your sit looks good - get the CA handled though by PFD and scores should be better.

[Anonymous]

So you think I have a chance at a decent mortgage? What kind of interest would be possible do you think? I really don't want a credit pull if my chance is slim or interst is outta this world...(not to mention getting my hopes crushed)

My 30 day late was in 11/06- and no lates since then. This is my only credit card.

  The 17% DTI is without a mortgage...just my current bills. I would assume that with a mortage it would be somewhere around 41%? This is also just my score/bills/salary listed....my husbands scores are about the same as mine and he has virtually no bills. I didn't factor in his info since he makes less than I do, I assume lenders would concentrate on me anyway.

  I live in central PA and I am looking in this area to buy as well.

[ShanetheMortgageMan]

Without 5% down FHA will be your best bet (which only requires 3% down), as your FICO scores might prevent you from obtaining mortgage insurance on conventional financing with a loan amount over 95% of the sales price.  Your debt to income ratio looks good for FHA... however you should check out your county's FHA loan limits at https://entp.hud.gov/idapp/html/hicostlook.cfm to see if they'd fit.  Only road block for FHA could be the collection account that you have yet to do a PFD on, as it prefers clean credit for 12 months.. I'd suggest you attempt it (once you figure out your Vista issue) and see where it gets you.

Message Edited by ShanetheMortgageMan on 02-14-2008 12:42 AM