Hey guys im in the process of trying to have everything i can before i apply for a loan within the next 2 months however i need some guidance from you so i can be steered in the right direction i am in the process of paying off my cards from smallest to biggest to get out of debt as much as possible before i apply
income last year after deductions $30100
so i work fri nights and sat nights at the restaurants partime and report only credit card tips is it a problem to keep depositing like 150 every weekend cash
I also do pressure washing on the weekends and lately have been making around 400 a weekend i get some personal checks should i deposit any or will it be a problem down the road when they look through my bank statements? I was hoping i can deposit and could help as a more monthly income.
credit score: 680
Type loan: usda or fha not too sure as i havent pre qualified yet or tried yet
12/12 accounts in good standing
only have 1 30daylate and 60daylate on macys from 3 years ago
Credit union credit card: Bal: 2500 limit :2700
wellsfargo cc: Bal: 800 limit:4200
walmart cc;Bal:300 limit 800
jcpenny cc: Bal 400 limit:1700
cap 1cc bal:100 limit:500
autto loan with credit union: 21900 433 payment
By next month my goal is to only owe wellsfargo and the credit union . My sister offered to take the credit union as a balance transfer to help me out and get it off my credit so i can get a house as her and my mom did the same and she had like 6k in debt.
Hi - sounds like you've got a good plan. For the deposits, I believe lenders will look for a logical explanation for any deposits made that are out of the ordinary, so you should be prepared to offer up an explanation, as you did in your op, to the lender/underwriter (perhaps in letter form, not sure). From what I've seen, your credit score looks good for a loan. I would do a Debt-to-Income percentage (front and back) based on your annnual income, divided by 12 and your monthly obligations/debts. You'll want to see arount a 29% DTI for front end and around 36% backend (VA goes to 41% or so and doesn't do front end DTI). There is some leeway but I think it depends on which program and which lender you are choosing. Best of luck with your loan qualification letter. Remember to get an approval letter later on as that's the better of the two letters to be armed with
The Restaurant work & the Pressure washing jobs are great for paying your debt down, However, you will need a 2 year history on your tax returns if you want to be able to use it as "Qualifying Income"