Hello All, Newbie here, but read your forums often. First a brief background I am a 37 yr old divorced male preparing for retirement form 20yrs of the Armed Service in 8months. Bought my 1st home in 2007 via Freddie Mac with a 580 & 615 FICO, 7.3%APR, & not eligible for HAMP or HAMP2 because Freddie placed such a "special" term on my loan that is not eligible for any future government assistance at least this is according to my lender Wells Fargo. My question regards the purchase of a 2nd home or at least the likelihood of the approval of a mortgage with my situation please see below. Oldest credit acct 1994.
Banks:
Navy Federal (NFCU) - Used for all lending
USAA- Daily Banking only
Income: 70k /Yr
After retirement: Will Collect 28k check (Pre-tax) 1st yr with annual inflation
Post retirement Employment: base Pay 71k, avg salary 114k-147k
So post retirement salary I will low ball @ 115k including retirement check
Debt:
Mortgage- Balance -$111,000 monthly pay $976 @ 7.3% Fixed 30yrs
Cars: 1 owned. 1 Financed with NFCU. Balance- 8100.00. Monthly pay 270$ @ 4%
Store Card #1- Balance- Zero, Limit $8200.00
Store card #2 Balance Zero, Limit $4800.00
NFCU VISA: balance- $5000.00 Limit $12,000
NFCU MC: balance: $4100.00 limit $8,000
Savings: about $17,000 (Don't want to touch)
FICO as of JULY 12
EQ-701
EX-729
TU-770
The goal is to purchase a new primary residence from 80-195k. There are a few beach condos I am looking at for under 50k, that I am confident I can qualify for with NFCU. However would prefer purchasing new primary residence &turning existing into rental. As far as credit goes, I started trying to clean up prior to 07 purchases& probably should have waited, but regardless my last late payment on anything was over 6yrs ago, never declared bankruptcy, paid off a judgment over 6 yrs ago. Pretty clean since I made the house purchase. Over the past 5yrs I have easily obtained 5-15k loans with NFCU, & American General Finance & paid back in less than a yr. I am seeking a NFCU 100% choice loan based on all of the experience in these forums what are your thoughts on me qualifying? FYI I am throwing $6,000 at the credit cards & carnote over the next 60days. The car note is paid until December, because I pay that far ahead in chunks trying to reduce payoff quicker.
Looked into USDA but I can't qualify b/c don't plan on selling. Any help is appreciated.
Thanks
