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How Long to Wait to Apply For Mortgage


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I would like to sell our home and move into a smaller home. My wife will stop working this year due to her ongoing cancer battle so I would like to better position us financially with a smaller home to manage and smaller mortgage payment. Talked to a realtor this week and have a good idea on the value of current home. We will be going from $1700 mortgage payment to roughly $900 payment. An added benefit will be a location that is closer for ongoing treatment for my wife.

 

My income is documented and steady. My gross monthly income is around $8700 excluding the annual bonus. We will net around $75K after realty fees and closing costs based on the low end of the sale price of this home. Have found a some nice one story homes that would do well in the $185-$195K range. I am planning on putting 20% down to avoid any PMI fee.

 

The big negatives is my current mortgage has a few late marks and a few charged off credit cards. No excuses, but I learned cancer treatments are expensive even with insurance. How many months do I need to wait before applying for a mortgage that has any chance of being approved?

 

 

Gross Monthly Income: $8700

Monthly Expenses: $900

Late Marks on Mortgage

Credit Card CHARGE-OFFs

No BKs

No Judgements

No Collections

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I would like to sell our home and move into a smaller home. My wife will stop working this year due to her ongoing cancer battle so I would like to better position us financially with a smaller home to manage and smaller mortgage payment. Talked to a realtor this week and have a good idea on the value of current home. We will be going from $1700 mortgage payment to roughly $900 payment. An added benefit will be a location that is closer for ongoing treatment for my wife.

 

My income is documented and steady. My gross monthly income is around $8700 excluding the annual bonus. We will net around $75K after realty fees and closing costs based on the low end of the sale price of this home. Have found a some nice one story homes that would do well in the $185-$195K range. I am planning on putting 20% down to avoid any PMI fee.

 

The big negatives is my current mortgage has a few late marks and a few charged off credit cards. No excuses, but I learned cancer treatments are expensive even with insurance. How many months do I need to wait before applying for a mortgage that has any chance of being approved?

 

 

Gross Monthly Income: $8700

Monthly Expenses: $900

Late Marks on Mortgage

Credit Card CHARGE-OFFs

No BKs

No Judgements

No Collections

No advice but I wanted to say I hope your wife returns to good health and soon! Happy Holidays to you and good luck with the Mortgage.
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I would like to sell our home and move into a smaller home. My wife will stop working this year due to her ongoing cancer battle so I would like to better position us financially with a smaller home to manage and smaller mortgage payment. Talked to a realtor this week and have a good idea on the value of current home. We will be going from $1700 mortgage payment to roughly $900 payment. An added benefit will be a location that is closer for ongoing treatment for my wife.

 

My income is documented and steady. My gross monthly income is around $8700 excluding the annual bonus. We will net around $75K after realty fees and closing costs based on the low end of the sale price of this home. Have found a some nice one story homes that would do well in the $185-$195K range. I am planning on putting 20% down to avoid any PMI fee.

 

The big negatives is my current mortgage has a few late marks and a few charged off credit cards. No excuses, but I learned cancer treatments are expensive even with insurance. How many months do I need to wait before applying for a mortgage that has any chance of being approved?

 

 

Gross Monthly Income: $8700

Monthly Expenses: $900

Late Marks on Mortgage

Credit Card CHARGE-OFFs

No BKs

No Judgements

No Collections

No advice but I wanted to say I hope your wife returns to good health and soon! Happy Holidays to you and good luck with the Mortgage.

 

I appreciate that. After surgeries and chemo, the body just doesn't work as well as it used to.

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I would like to sell our home and move into a smaller home. My wife will stop working this year due to her ongoing cancer battle so I would like to better position us financially with a smaller home to manage and smaller mortgage payment. Talked to a realtor this week and have a good idea on the value of current home. We will be going from $1700 mortgage payment to roughly $900 payment. An added benefit will be a location that is closer for ongoing treatment for my wife.

 

My income is documented and steady. My gross monthly income is around $8700 excluding the annual bonus. We will net around $75K after realty fees and closing costs based on the low end of the sale price of this home. Have found a some nice one story homes that would do well in the $185-$195K range. I am planning on putting 20% down to avoid any PMI fee.

 

The big negatives is my current mortgage has a few late marks and a few charged off credit cards. No excuses, but I learned cancer treatments are expensive even with insurance. How many months do I need to wait before applying for a mortgage that has any chance of being approved?

 

 

Gross Monthly Income: $8700

Monthly Expenses: $900

Late Marks on Mortgage

Credit Card CHARGE-OFFs

No BKs

No Judgements

No Collections

No advice but I wanted to say I hope your wife returns to good health and soon! Happy Holidays to you and good luck with the Mortgage.

I appreciate that. After surgeries and chemo, the body just doesn't work as well as it used to.
I hope that you will not take any offense to this... But it has tremendously helped a friend. Marijuana.

 

He says that it has helped him eat better which in turn has helped his immune system. He is also much more alive as he isn't in lala land from the pills.

 

I am sure each case is different but its worth looking into. He said it has made life much more tolerable and is considering a move to Colorado.

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I appreciate that. After surgeries and chemo, the body just doesn't work as well as it used to.
I hope that you will not take any offense to this... But it has tremendously helped a friend. Marijuana.

 

He says that it has helped him eat better which in turn has helped his immune system. He is also much more alive as he isn't in lala land from the pills.

 

I am sure each case is different but its worth looking into. He said it has made life much more tolerable and is considering a move to Colorado.

 

 

+100 A friend has suffered several rounds of esophageal cancer, which makes eating the last thing he wants to do -- until an enlightened doctor prescribed marijuana. His experience is exactly as Fixn described- better pain management than "official" meds, without the drugged feeling of opiods; an appetite; and a vastly improved quality of life.

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Have you considered talking to a CU?An off the wall shot but recently one of the loan officers at my CU told me me how the CU helped a pair of families basically house swap. The real estate agent introduced them when he realized their homes met the other parties needs.

 

Family 1 - older couple - late 40s looking to downsize to a 2 bedroom from a 4 bedroom. Absolutely had to go from a 2 story place to everything on 1 level after husband received a serious knee injury and will have to use a cane/walker from now on. Don't know what they owed on their place or what the payment actually was.

 

Family 2 - younger couple - late 20's. Wife just found out she's carrying twins, 1 kid already. She can work from home most days so won't lose hardly any income. They owned a 2 bed just under 1000 sq ft - single story, level lot with attached garage.

 

They both banked at our local CU and went jointly to talk to the CU. Older couple lacked a small amount (under $20K in equity) of the outright purchase of the smaller home. Younger couple got a mortgage for the larger home, older couple got a mortgage for what they lacked in equity to buy the smaller home. Both homes had been previously mortgaged with outside places but now both held by the CU.

 

I found out about it only because I went in to proactively talk to my CU about how I might qualify for a home, given my low income strictly from disability. Took copies of my reports so they could see what kind of credit I have right now and get advice based up that. The loan officer brought up the 2 families switching houses and told me that both had credit issues and the CU approved them. He told me he could give specifics but things like lates, high utilization, even collections are things they can work around - if you can explain why it happened.

 

So a CU might be an option.

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