Stats:67k a yearCredit cards almost paid off (so they dont count towards dti for min payments)Non-medical collections, less than 2kCharge off from 6 yrs agoBk that goes off credit in 2022Student loans- 77k (in ibr. Payment on reports is $142 each month) fully amortized payment is $377Car payment- $554No other debts or payments. Scores currently are 673, 662, 647( should go up once i hit below the next % of card utilization. So i am leaning to either conventional or usda. Wouldnt mind some down payment assistance. Leave collections alone? by chadius6699829 from Augusta, Kansas. Feb 17th 2021
Well, it doesn't look bad. But there are too many unknowns. What type of income, Self-employed, 1099, W2, Seasonal, Gig? How long on the job? What score model did you use to get the scores you are quoting? Collections may or may not be an issue depending on what, who and how they are reporting. What's the long-term payment history on every account post Bk? Are you buying a $100,000 home or a $500,000 home? Seriously though, if you really want to know your options, stop playing around. To get honest feedback on where you stand, what you qualify for and what, if anything, you need to do to improve your outcome, take the first step and work with a Licensed Mortgage Broker to get yourself pre-qualified/approved. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.
Based upon your response to Bert you're credit items likely are things that can be overcome. If you still have credit card balances the minimum payments will be included in your debts. You did not mention the amount of income so your income and down payment will determine the amount you will qualify for. I would not pull a hard pull on your credit if you are 3 to 6 months out as it will just be an inquiry ding on your report. Looks like you have a monitoring system to know what is on your report and actions to improve without the pull. I am located in Topeka so if you need assistance feel free to call.
I mis read I thought you indicated 67K in cc debt. The age of the credit collections I would not touch. If you pay they will just update with a more current date and actually likely will lower your score. USDA is a longer close as you have Underwrite at the lender then underwrite by USDA office. Usda is a little tougher on non medical collections but since they are old and less than $2000 likely not and issue. Unless your score is better probably better USDA than 3% conventional because your MI will be less.
We have plenty of lenders that have normal pricing at 620 and above and some that for higher rate do 580. You should be fine. Obviously higher the better
Sorry for the late response. The link is not correct and I have not got Lender 411 to fix it. They have to do it. The correct website is KDMortgageAdvisors.com
It seems like you are on the right track. Have you considered getting pre approved? Feel free to reach out at 216-496-0211
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