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single mom 1st time home buyer

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Anonymous
Not applicable

single mom 1st time home buyer

hello everyone ,

 

i have a few question before i got to my loan officer on monday.

 

 i been rebuilding since nov 2018 . i got seperated 2 yrs ago and i have 4 kids. my ex husband mess up my credit and i been able to get most of the things of but 3 things reporting .

 

my fico is ex 581 , tran 755 and eq 586 

my fico mortgage middle score is 651

 

as u can see experian and equifax are my issue

at the moment i have

1 car loan charge off with 11,200 - i return the car since my ex wasnt paying , this will drop in jun 2020

1 capital one under investigation card had a credit limit of 750 and charges of over 4,00- were made unauthorized  this is also charge off - not even sure how they allow this charges with no extra limit.

1 revolving account from a company am not familiar with a charge off of $2500 - under investigation dropping in september 2020 

  

my credit is high since my sister put me as an authorize user on all her credit card which help she has no balance 

i have 1 usbank card with 1000 limit only carries $8-20 monthly 

 

question

 

1. with those charge off make it hard for me to get a loan?

2. since they are under review will the under writer not count them?

 

i make over 32,000 a year no debt beside whats on my report above . 2 year study job. my goal is to get a home no more than 70,000 .

any advice will be appreciated . thank you 

 

Message 1 of 5
4 REPLIES 4
stinastina
Established Contributor

Re: single mom 1st time home buyer

What type of loan are you trying to get ? Why aren't you divorced ? I think not being divorced will be an issue.

 

You sister's tradelines will not help you. You will need at least 3 of your own for at least a year depending on the loan. They may be able to use other credit lines but again that depends on the type of loan.

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 2 of 5
Anonymous
Not applicable

Re: single mom 1st time home buyer

Honestly, unless you NEED to buy this year, I’d suggest waiting until those two baddies fall off next year. You don’t want anything under investigation or in dispute at any point in the home buying process, so my advice is to take this year to get everything squared away, let the ones fall off that fall off next year, and plan to buy next fall.
Message 3 of 5
JVille
Valued Contributor

Re: single mom 1st time home buyer

Yes and yes.... big problem “under investigation” equals a Disputed Account and is masking your actual Fico Scores. If some of this drops off next year you absolutely need to wait.
Message 4 of 5
Anonymous
Not applicable

Re: single mom 1st time home buyer

Ya you definitely need to be in a better position before you buy.
Message 5 of 5
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