Do we qualify – USDA home loan

Do we qualify – USDA home loanDo we qualify – USDA home loan
Spups asked 4 years ago

First, thank you so much for reviewing this! I appreciate it so much! My husband and I have been working on our credit for the past 1.5 years so we can finally buy a home. We are specifically checking out an area that is USDA eligible and wasn’t sure if anyone could give us info on if we could qualify for a USDA loan.

 

1. Mortgage Credit Scores

  
MINE
  • 615, 668, 674
HIS
  • 721, 709, 714 
2. CREDIT NEGATIVES
 
COLLECTIONS
 A lot  — these are all of my report. There are none on my husbands. 
  • Medical $ 23 upaid
  • Medical $ 111 upaid
  • Medical $ 1631 unpaid 
  • Medical $ 495 unpaid
  • Medical $ 61 unpaid
  • Medical $ 280 unpaid
  • Medical $ 2038 unpaid
  • Medical $ 79 unpaid
  • Medical $ 21 unpaid
  • Medical $ 58 unpaid
  • Medical $ 227 unpaid
  • Medical $ 268 unpaid 
JUDGEMENT
1 paid judgement. Will fall off in May of this year. 
 
Misc: My husband and I are AU on all of our credit cards (for instance, I am the applicant and he is the AU, etc). We also have my in-laws credit card listed as an AU. All credit cards and loans on our report are in good standing with no lates. 
 
Otherwise, all credit cards and loans are in good standing with no lates. 
 
3. GROSS INCOME 
 
MINE
2015 taxes will list $ 46,000/year salary. I currently make a salary of $ 52,000/year 
Have been on the job for 2 years
 
HIS
2015 taxes will list $ 48,000/year salary. This however is from our business. He is a W2 employee of the business we own.
He has owned the company for about 5 years. Each yearly tax statement shows a better figure for the business (going from losses in the first several years, to now profiting. Only improving each year. 
 
BOTH
Monthly adoption payment: $ 509
 
Our business I-9 showed a profit of $ 1,400 in 2014. The 2015 I-9 will list a profit of about $ 15,000
 
5. Monthly debt payments
Car Payment 1: $ 329 – 25 payments left
Car Payment 2: $ 215 – 21 payments left
Boat Payment: $ 160/month – 29 payments left
Credit Card 1: $ 0 balance. Monthly payment of $ 25
Credit Card 2: $ 1922 balance (I pay off monthly). Monthly payment of $ 25
Credit Card 3: $ 0 balance. Monthly payment of $ 10
Credit Card 4: $ 0 balance. Monthly payment of $ 25
Credit Card 5: $ 342 balance. (pay off monthly) Monthly payment of $ 25
Credit Card 6: $ 163 balance (pay off monthly) Monthly payment of $ 30
Credit Card 7: $ 9,000 balance. Authorized user account (in-laws credit card). Monthly payment of $ 120
 
I wasn’t sure if “monthly payment” was included in credit cards that have $ 0 balances, so I went ahead and listed everything. I do pay off our credit cards every month though.
7. Assets/Reserves.
 
SAVINGS
Currently $ 9,000. In the next 2 months we will have about $ 20,000 in our savings account. By May we will have about $ 35,000 in savings. 
Checking: A daily average would be about $ 2,000 
 
401k:
$ 13,000
8. Location:  

    • Oklahoma
    • Logan County 
    • 73034

    9. Property Description: 

      • Single Family Home
      • Vacant
      • Great condition, however it does have an inground pool that will need about 8k of work to get it up and going again
    • $ 330,000
    • Would like to be able to get a loan for $ 300,000 – $ 350,000 — Is this possible? if not, what amount would be? 

      11. Occupancy. 

        • Primary residence
        • 6 people living in the home (2 adults, 4 children) All primary residence.
        • Purchase
      • I did read that chilcare cost is taken into account with USDA loans. in 2014 we paid approximately $ 12,000 on child care to a qualified provider.
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