Home loan advice

Home loan advice
Profile photo of asked 1 year ago

I am planning on buying a first home in may of 2016 and would like advice on, qualification, loan types I should consider, and related credit advice.

I am not ex-military

 

1. Mortgage Credit Scores:  

 

 

640

627

620

2. Credit Negatives:

Collection: JNR adjustment. I have disputed the crap out of this one because it is really not valid. its for $ 765 and unpaid. First reported 3/2010.

Last late payment: 9/2014 

Credit utilization: 93% ( I will drop all this off to $ 0, I actually have it in cash)

 

3. Gross Income.

 

$ 73000 primary job +

~ $ 12000 a year in investment income

 

4. Source of income.

Full time employment

 

5. Monthly debt payments

 

$ 750 Rent

$ 518 Student loans

$ 290 Car payment

$ 80 insurance

$ 244 Health insurance

$ 120 misc. utilities

 

6. Employment 

Full time – 2 years

 

7. Assets/Reserves.

 

$ 10,000 cash

 

8. Location

Tennessee

 

9. Property Description: 

 

Single family, 3bd 2 bath

 

10. Property Value

$ 135,000

 

11. Occupancy

 

Me, GF, and daughter. Gf not an applicant, but $ 35,000 in income

 

12. Transaction Type

 

purchase

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