I have been working on cleaning up my credit for the past few months. Paying charged off accounts and clearing up all the descrepencies from my report due to my accounts getting transfered from one place to another. I still have a long road to travel and this message board has given some excellent advice.
I am now at a point in my life when I want to become more stable and not the young, reckless and irresponsible person I once was. I am getting married in a month and want to purchase a home. I have an excellent job and make $126,000 a year and recieve a %15 bonus as well as have a 401k with just under $30K (just recently started thinking about retirment). My credit scores are in the high 500 range.
My soon to be wife is in a different situation. She has excellent credit with scores well above 700 however she is presently not working (9 months). We have joint bank accounts with a balance of $26K and she has a frew credit cards that I am authorized to use and show up on my credit report. A good portion of all our spending is placed on these credit cards and we zero balance them every month.
What is the likelyhood that the 2 of us will quailify for a home loan? The homes in our area run around $450,000 and I would like to keep the payments under $2500 a month. We are paying $1900 per month on rent. Do I have a chance? Can I prove to a leander that I am on the right track?
What are your FICO scores? I can help you more if I know what they are. If you are in CA I can actually help you with the loan. One thing you could do is have your wife go stated income w/o you on the loan as long as you have a CPA that would be willing to say she has been self employed. Getting a home loan is alot easier than you think. There are many programs out there.
I too am a mortgage banker. I do work in NY, NJ & CT. Be careful with stated/stated on self employed. Underwriting usually requires a verbal verification of employment. If his wife indeed does not work, this may be a problem.
Regarding the low scores, As long as there are no recent mortgage lates, a mortgage should not be a problem.
I have a question for you that is a bit off topic but it is something that I have been thinking about a lot.
You said you make 126k a year. That is a high paying job (from my perspective). You also state you have bad credit. When you were hired at this place was your poor credit history an issue? Have you experienced issues over your credit when interviewing with compaines? If so, how did you handle it?
Do you work in the financial sector?
I don't mean to be prodding but I am graduating from a masters program soon and I am concerned my CR will affect my employment prospects. I just want some advice from someone who has been down that road.
I really enjoy the people that follow this forum, they respond quickly and put time into responding.
My scores are as follow:
My location is Southern California
We went to meet with a WAMU Home Loan consultant today and he really did not spend much time with us today. He did state that I need to work at improving my score and that my wife to be needs to get a job. He stated that we could probably get a loan in the low $300K range if we used her as stated income. I really do not know much about how that really works.
A Great name of a great cyclist that I admired many years ago. As for your question, I got into credit trouble in the late 90's being young and irresponsible. I am in the technology sector and work in Southern California. I do work in the financial industry and was required to have a back ground check but it did not involve credit history and they more focused on criminal history of which I have a spotless record.
More and more companies are very interested in credit history, especially larger fortune 500 companies. They use it as part of their screening process.
Your credit scores aren't bad for a home loan it can be done. Are you currently working on correcting some of your bad credit? The guy at WAMU doesn't know what he is talking about you could afford more of house. Also do you have any $$ to use as a down payment? Email me at email@example.com if you would like help. This board is great and filled with info and helpful people. I have made numerous items on my cr go away.