Can I qualify or how far away am I for a mortgage?

Can I qualify or how far away am I for a mortgage?Can I qualify or how far away am I for a mortgage?
linaitame asked 4 years ago
  1. Mortgage Credit Scores:

                                                                        Equifax FICO Score 5 – 606

                                                                        TransUnion FICO Score 4 – 577

                                                                        Experian FICO Score 2 – 546

 

I’m working on these scores, they should improve a bit as I work through some of the negatives.

 

  1. Credit Negatives:

 

 

  • Credit Card 1 – Capital One
    • Current with no/low balance and has been paid on time for last 2 years
    • 60 days past due in Feb 2014

 

 

  • Credit Card 2 – Aspen – closed by credit grantor June 2011 no balance due
    • Multiple late pays in 2010

 

 

Collections:

 

Collection 1 – Transunion – RECHECK Collections – $ 197 Dental Collection   03/2012 currently researching this

 

Collection 2 – Equifax & Transunion – ERC AT&T Collection   02/2013 $ 63 Disputing with AT&T as I’ve been an account holder for over 12 years with my account auto pay and in good standing.

 

Collection 3 – Equifax – Medical account $ 463   02/2012 – currently unpaid. Researching for validity.

 

Collection 4 – Equifax & Experian – Medical account $ 855   08/2013– currently unpaid. Researching for validity.

 

 

Collection 5 – Equifax & TransUnion & Experian – Medical account $ 95   04/2015 currently unpaid. Researching for validity.

 

  1. Gross Income.  $ 200,000.00/Yr
  2. Source of income.  Employment
  3. Monthly debt payments
  • Current Mortgage $ 1697/mo
  • Vehicle 1 – $ 299/mo
  • Vehicle 2 – $ 577/mo
  • HOA fees: $ 30/mo
  • No credit card debt – one card with no balance
  1. Employment
  • Type of employment: Fulltime
  • How long5 years
  • How long 20 years
  1. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).
  • Savings $ 10,000.00
  • Checking $ 20,000.00
  • 401k $ 42,341.40
  • Also selling boat for part of down payment $ 20,000.00
  • Assumed downpayment $ 53,000.00
  1. Location:
  • State – Missouri
  • County – Jackson
  • 64014
  1. Property Description:
  • Single family home on 1.2 acres
  • Great condition
  • Occupied
  1. Property Value
  • $ 470,000.00 Under contract. Seller to pay all closing costs.
  • Refinance transaction:
    • what is the appraised value of the home
    • when did you purchase your home
    • what is the current outstanding principal balance
    • what is the initial/current interest rate.
  1. Occupancy
  • Primary residence
    • How many people living there, incomes even if not applicant, elderly, disabled. 6 people living there – immediate family only
    • Are all mortgage applicants going to be living in the house? Yes, I am the only mortgage applicant.
  1. Transaction Type.  Purchase
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