Help me get my first home loan

[jayeggscredit]

A little over a year ago I started here a CB with low 500's credit scores, no good credit showing and countless baddies. My mindset was to get my life back on track with the eventual goal of buying my first home. I am 29 years old with a steady job bringing home minimum $700 weekly.

 

What do I need to do or where do I need to go to help with getting my first home loan?

 

Also, I would be buying the home with my fiance. Her credit scores are roughly the same as mine but she had a CH 7 two years ago. Everything has been current since the BK. Big downside is that she is in school full time and only working minimal hours and during the summer as an LPN. She also has a 5 year old daughter. With her very minimal income and student status would she be a help or a hindrance when applying for a loan?

 

Below is my credit history as shows on USAA monitoring.

 

 

Scores:
USAA Monitoring
Experian 677 Equifax 712 TransUnion 712
Walmart FICO 647
CreditSesame 645

The bad:

1) Chapter 7 Bankruptcy in 2004
2) FNB - $438 Write off - Sep 2006
3) First Premier Bank - $463 Write off -Feb 2009
4) HSBC - $854 – Sold - 2008
5) HSBC - $564 – Sold – 2006
6) Metaindigo - $375 – Sold – 2008

The good? All the following are
paid in full of carry very small balance.

1) Cap One - $1500 Limit - Opened 2/12
Im an AU
2) Cap One - $650 Limit – Opened 2/12
3) Chase Auto Loan - $14k – Opened 10/12
Im a co-signer on this loan. My fiancé makes all the payments.
4) Cont Finance - $300 Limit – Opened 7/12
5) Credit First (Firestone) - $1000 Limit – Opened 12/12
6) Credit One Bank - $300 Limit – Opened 4/13
7) Fingerhut - $700 Limit – Opened 3/13
8) Amazon - $700 Limit – Opened 3/13
9) Dicks Sport - $500 Limit – Opened 4/13
10) Gap - $200 Limit – Opened 4/13
11) Lowes - $300 Limit – Opened 3/13
12) Old Navy - $400 Limit – Opened 11/12
13) Old Navy - $200 Limit – Opened 3/13
14) ToysRUs - $200 Limit – Opened 3/13
15) Walmart - $500 Limit – Opened 12/12
16) Speedway - $600 Limit – Opened 4/13

Have 3 student loans that were rehabbed and consolidated. Have been paid on monthly since 1/12. Balance is $5600

Balance over all credit excluding Auto and Student Loans is less than $1000

 

[Brian B The Loan Professor]

I will give you what I can but I am going to start with the bad - ANY Negative after a BK is a HUGE issue for many banks - Your BK is old but your history shows that every couple of years you have a blem that may be a deal killer for an UW. If you wait til the BK falls off of your reports your chances would go way up since they only ask about a BK within the last 7 years,

Thats the one big red flag in what you shared

Everything else looks ok

Income is solid (they go off of gross not net so your income is likely even a little higher for mortgage purposes)

If she is on the loan she is going to bring income and her debts to the equation. Her status as a student wont be an issue but her employment has to be steady to use the income - so if she is ONLY working during the summer it could get tricky. Her BK at 2 years is fine since she hasnt had any lates since then

 

Scores look high enough to go FHA or conventional. She couldn't go conventional because of the recent BK.

 

My suggestions while you wait

Save as much as you can

Pay On time

Eliminate debt

Clean credit

[ArchonInitiative]

Your scores are more than enough to qualify; it's just that underwriting will go hard on you, as the previous replier discussed.

 

All states have first-time home buyer programs. You have to do a little research to find out which financial institutions in your area handle them.