adaisyandarose

A lot of the apprehension of getting a mortgage is I am still in the bad credit/poor mind frame. In some ways this is good because it keeps me from getting in over my head but at times it makes me financially scared to take risks. I think I was scared of getting denied the mortgage. Pretty excited that we already have $2000 saved since I started this post and all of his debts besides his car are paid off. We are trying to save as much as possible by April which will put me at 6 months at my job. He is excited that he is starting to get mortgage offers from different places (our bank, his credit card, etc). Once his credit cards update I will pull credit score for him.

Brian, while the county is in a USDA area, I do not believe the area we want to live in is. Even with the mortgage cost, income being as it is we will have an extra $1500 a month that we can put into a savings and be ongoing once we save up a down payment. Next month we will be able to bank that plus $2200 as we both have an extra pay. I just paid off all of his credit cards and we will pull his credit scores once they update. UPDATE: Outstanding lien for old unemployment overpayment that would need to be paid $2200 - him - PAID $900 in credit card debt - PAID, him $2000 me - NOW $1800 and set up for higher payments car loan 1 $336 - me car loan 2 $320 - him student loan pmt $100 - me

Yes I have had a mortgage with PMI in the past with an 8% interest back in the 90's. But a 100k house with the PMI and taxes for my area will be under the $800 ($640 a month according to the calculator that also shows the PMI and taxes included) so to me it seems more beneficial to buy because it is less than the cost it would be to rent elsewhere. I cannot apply until April my goal is to have $4000 saved by then and I will do a prequalification and see where we stand.

To rent a place that is better fitted for my family we would be looking at at least $800 a month vs the $450 we have now. (Currently we live with water in the basement, no heat besides space heaters in the upstairs and partially collapsed pipes that cause the sink to back up and the water in the basement and a porch that could collapse within the next year and my landlord has no plans to fix these things.) Some background as well is that we are both in our early 40's so we don't want to wait forever to get a mortgage or we will not pay it off by retirement. I did look into NACA before and I believe we are now over the income limits. We will not be saving up the 20% (I know this is optimal but we will most likely go FHA or USDA for the lower down payment) as I do not see throwing away money in rent and if it adds $50 to our payment a month it does. We have paid off a ton of debt since I started working so we haven't gotten to save more than the $1000 but now that things are better budgeted and we are caught up on everything we can realistically save about $1500 a month.

Well the thoughts were if we were to buy, we will save about $1500-1800 a month between now and when we go to buy in summer. More realistically I would like to have a mortgage payment of a 100,000 house which would be right around what we would be paying in rent if we moved to the next county. I realize with home ownership there are expenses that can come up but we should still be able to save a comfortable amount per month with a mortgage. I am thinking I will pay off the credit cards/lien and start saving and see where things stand in 6 months. If we are moving to the other county, I'd like to do it over summer break. I am not even sure we can get a mortgage with that almost obsolete repo hanging around yet and it would be a good idea to do a preapproval before we buy to see what's hidden and lurking out there so there are no surprises.

We have been fixing our credit and have been working towards the idea of buying a house this year. I am trying to decide if it is best financially to buy now or rent for another year. We both work. I have 4 months at my job and was in school previous to that and did not work and he has been at his job 18 months. We bring home about $4900 a month income. I am trying to make a plan so I know how best to utilize our tax refund this year. Ideally we would like to buy a house under $150,000 and relocated about 20 miles closer to where we work. Currently we have very cheap rent at $450 a month but this house is falling apart and we want to get out of here asap. Outstanding lien for old unemployment overpayment that would need to be paid $2200 - him $900 in credit card debt, him $2000 me car loan 1 $336 - me car loan 2 $320 - him student loan pmt $100 - me Current savings is about $1000. After I got hired we had to catch up on bills and I totaled my car and his cars engine blew up so that depleted our savings. He has an old repo that is due to fall off in December of 2017 and I have 1 old medical collection. I know our scores are around the 640 range since we have obtained both car loans in the past few months but I do not want to pull credit until we pay off his credit cards and get my balances down. Plan 1 is to pay off the lien and his credit card debt and half of mine with income tax. This would give our scores a nice boost too since we are close to having them in maxed level since they are small balance cards. Then save like crazy for the down payment and closing costs on a mortgage while living at our current location. Plan 2 is to rent in the location closer to work and use some of the tax refund for security deposit and work down the debt and try to save as much as we can in the next year. The repo will have fallen off and our credit will not be as new then. Rent would be around $800 a month there. Can we get a mortgage with the repo on the books and the newer credit and job status or is this unrealistic? Should we wait for another year?

What credit reporting agency is it reporting on? We are in a similar situation (haven't mortgage app'd yet but have a repo we are waiting to fall off) Ours in on transunion and I am gonna try to get it off with reporting obsolete in June as it is set to fall off in December. DOFD was Jan 2011 and repo was May 2011

Brian, Thank you for responding! So if I work for 6 months then we apply I will be able to use my income as well? I was thinking that mine wouldn't be counted for 2 years.

My husband changed jobs in August 2015 to go back into a field he worked in 6 years previously. He was out of this job field for approximately 3 years and the place that he was working was in the process of downsizing significantly so he left before they laid off people. Steady worker, never without a job. I am a student who quit my medical transportation billing job in January to go back to school in a similar field I once held (Dental Assistant to Medical Assistant, and I have been out of the dental field for 6 years) and will hopefully by employed by August when my externship ends. I know my income will not be able to be counted until I actually start receiving it, if at all, and I wouldn't be applying before I became employed. I was wondering if this disqualified us completely from getting a mortgage until we have 2 years at the same job?

I am so excited about this! My first credit card approval in 7 years. I got approved for a Capital One Platinum for $1000 and my score is 646 from my DCU Equifax. I tried for Walmart and got the 7-10 day message though.

Now to end of First quarter - remove the rest of obsoletes from my credit report, add one secured credit line from credit union. Husband - remove accounts that are out of SOL that are probably invalid collections that should not be reporting and do HIPAA program for his medical accounts. Add one secured credit line from capital one. Second quarter - obtain auto loan and add additional funds to secured lines. Finish up the rest of the obsoletes so my reports are clean. Dispute old repo off Husbands report so his reports are clean. Try to add a unsecured credit card to each of our accts. Third quarter - Garden and pay off unemployment lien not showing on credit reports. Forth quarter - fake mortgage app to take care of the cockroaches that may crawl out.

I am not going through any school program to get him licensed as he attended an autism school then went to the vo-tech and neither offer it. We live in PA. I was thinking since 911 that you had to have a dl to open a bank account. Picture ID's in PA have the same residency requirements to obtain and since I do not want him to work while going to high school a lot of those options are out. I will either try to open an account at a local branch or get him a magazine subscription that he probably won't read. He doesn't have an independent living rep because he is still attending high school and not out on his own. We are looking at trying to buy a house in the future with a separate apartment for him so he can live independently with supervision. I've done fairly well at preparing him to live independently besides the financial aspect of it to this point. I honestly overlooked it until now.

My son turned 18 in April and I found out that in order for him to get a drivers license that he needs a bank account or some other means to show residency. Other things listed were tax records, w2, lease agreements, current utilities, weapons permit, bank statement, tax notice, magazine. He has none of these things unless they would count my tax return and him listed as a dependent? Can I even get a bank account without a drivers license these days? I would like to get him into something that I could also help him establish credit with a secured card. He is a senior in High School and isn't currently working and I am in the process of rebuilding so not AU accounts to add him to. He has high functioning autism so I will probably build up his savings, establish his credit and then we will discuss how to maintain his credit and pay bills once he gets a job on his own next summer. I anticipate this will be something I will need to oversee for a long time. I guess if I can't get him a bank account right now I can always get him a magazine subscription? Any words of advice? Thanks in advance!

Keep the receipt until its posted. We have a local gas station like that. We pump gas and it doesn't show for 3-4 days.

I sent a FOAD letter last month to a JDB on my reports and they removed the tradelines from my credit reports. Surprised as that one wasn't supposed to fall off for about another year!