Reality is sinking in for me. I still have some charged off items that I have to settle, but the wife is really starting to get impatient. I can go VA, but in order for me to reach my goal of home ownership by the summer, I may have to settle for what I can get. I can put down a reasonable percentage for a down payment for my price range, 5% to 8%. What options can I look at with a higher interest rate and be able to refinance in two years when my credit will be even better?
Keep in mind that with a VA loan, you don't have to put down any money at all. If structured correctly, you could actually buy a home and not pay a penny up front. Depending on how old those chargeoffs are, you might want to consider paying them off. As an alternate, you could also consider going FHA but again, everything depends on how old those chargeoffs are. FHA does offer an adjustable loan which may be advantageous to you. My advice is to contact a mortgage lender and see what they say. There are tons of them online and you can remain somewhat anonymous. Tell them everything about your financial situation. They make a commission from every loan they close so they have an incentive to give you sound advice. Good luck.
What is the price range of the house you are looking for? Do you have any idea what your scores are? Are you self employed or do you work for a company? What are the charge-offs for? What type of positive credit do you have? As you can see, there are many questions that have to be answered before anyone can give you a reasonable answer. Tsaul, if you would like to email me off-board I will be happy to discuss this and what your options may be. Good luck and good house hunting. fla_tan
Ideal price range for me would be between $90,000-$115,000. The last time I pulled my scores, these were the results: Equifax - 524 (4/28/02) Experian- 600 (4/21/02) TransUnion- 525 (a month ago, several deletions since) I work for a company called Enterprise Products, which is a NGL (Natural Gas Liquids) Fractionator. This is a plant that makes commerical propane, butane, and gasoline. I have been employed there for five years, this September. For more info, e-mail me at tsaul@rtconline.com
Speaking of mortgage loans.......I've noticed a number of threads that discuss their mortgage score. Does anyone know what the difference is between it and FICO? Does it take into account your income?
I was wondering the same thing. From what I have read it seems like the mortgage score is lower! :-( Yet, EQ is saying they give us the same score that lenders see!
