I have a meeting with my credit union for a mortgage on Saturday morning. I started credit repair in August when I was (HIGH 510) and now am 787, 768, 737 (TU, EX, EQ). I have $5000.00 saved and am a first time buyer. They told me I need 3% ( $9000.00 ) down, but I am going to try to get $4000.00 loan as a second mortgage or some sort of loan. I have saved the $5000.00 over about 5 months and have all of the account statements to prove the money was not gifted - it's been invested in a mutual fund and it is all my money. I was making 50k a year, but got a raise today to 56k. I am a programmer but have been contracting at a large firm for over a year. I have last year's (2005) 1099 showing my income. I had some medical problems the year before that are resolved. I have documentation from my place of employmnt that I am a good worker, etc.. and references. My personal debt includes 1 credit card with a $6k limit and $500.00 balance and two student loans - one with 700.00 remaining and one with 12k remaining - $75.00 and $166.00 monthly payments. Also, my car loan was paid in full (15k) several years back. Reporting as paid/never late so I do have some loan experience. I am going for an owner occupied multifamily. The rent (when all units are rented - should cover about 70% of the mortgage. What are my odds of getting a loan? Any advice? Also, I am going to a large credit union (about 8 branches and they do FHA, First Time, etc... loans) that both of my parents have had mortgages at for 20+ years. Advice?
