Jump to content

Sign in to follow this  
Mido

First Time Home-buyer. NEED GUIDANCE!!

Recommended Posts

I truly need advice for my first mortgage and which way should I go or if I should wait to fix things (below)

 

Here are the details:

 

1.    As of April 2019 FICO Credit Scores NOT Mortgage Score:

- TU 641, EX 648, EQ 625 (Myself).

- TU 689, EX 691, EQ 702 (SO).


2. Credit Negatives: 

ONLY One (1) account on all reports considered negative which is a history of late payments on my Auto Loan (last 30 day late was March 2016 (over 3 yrs. ago).

 

3. Gross Income.  $73,000 self & $20,000 my SO for part-time job = Total $93,000

 

4. Source of income.

  • Full-time Employment – 73000 ME.
  • Part-Time Employment – 20,000 SO.

 

5. Monthly debt payments

  • Financed Vehicle Payment $465 with 7 months left to be paid off.
  • 2 NFCU maxed credit cards ($600 a month) one is mine and the other is my SO. Both CC has never been late but utilization is pretty high %90 (Pretty F/cked).
  • 1 Discover CC (Monthly Payment $50).
  • 3 AU on CC (Sears, and NFCU)

i)     Sears (31 years old account and utilization in 20%) I don’t personally make a payment on it.

ii)    NFCU (2 years old account and Payment is $60/mo).

iii)   Target (1-year-old account and payment is $30/mo).

Should I ask to be removed from ALL AU cc?? Or it will hurt my Score.

 

6. Employment (No Gap in employment for the last 10yrs either for me or my SO). 

  • Type of employment: Full-time employment with a Government Agency for 4 years and my SO Part-Time private sector. I’m not LEO, Firefighter, or a teacher because I heard they have a special program for them.

 

7. Assets/Reserves. This is to determine how much I could potentially have as a down payment and also as reserves to help me qualify.

As of April 2019

  • $29,500 (My 401k & 457) my balance increases roughly $550 a month because of my contribution and my employer contribution as well.
  • $18,000 (My Pensions account.)
  • $2,900 (My Checking account).

 

8. Location:  This is to determine any Gov guaranteed loan limits, what special programs might be available, how much property taxes & homeowners insurance will likely be, amongst other items.
 - Riverside, CA.


9. Property Description: 

  • Single family home (Self, SO, and 2 kids)

 

10. Property Value
The Property we’re interested in $390K

 

So what you think? Should I give it a shot or work on DTI and Scores? Should I consider NFCU mortgage loans? I believe my DTI as of now is between 35%-40%

I heard about NACA program and FHA! Which one I go with OR should I go with NFCU for my first mortgage since they are my only bank. NFCU also have something called HomeBuyers Choice Loan along with their FHA. So which one should I consider in case I got qualified?

 

Share this post


Link to post
Share on other sites

Forgot to mention my AMEX optima card on my credit reports.

Sent from my SM-G892U using Tapatalk

Share this post


Link to post
Share on other sites

Wait. You should have more non-retirement savings cash on hand for an general emergency fund, unexpected home repairs, and not to mention unexpected closing costs/expenses.


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

NACA requires 1 month of reserves in cash.  You don't have that.

 

FHA requires 3.5% down.  You don't have that either.

 

NFCU HomeBuyer's Choice might be an option.  Looks like you could have $0 in the bank and qualify.

 

Buying a house with less than 1 month of living expenses in cash is a really, really bad idea.

Share this post


Link to post
Share on other sites
NACA requires 1 month of reserves in cash.  You don't have that.
 
FHA requires 3.5% down.  You don't have that either.
 
NFCU HomeBuyer's Choice might be an option.  Looks like you could have $0 in the bank and qualify.
 
Buying a house with less than 1 month of living expenses in cash is a really, really bad idea.
I Forgot to mention I have $15k for down payment also my SO have $3000 in her own checking account. The one above is my own checking account.

So you think the FHA option would be better? I read yesterday about CalHFA and it seems pretty affordable if it's true.

Sent from my SM-G892U using Tapatalk

Share this post


Link to post
Share on other sites
Wait. You should have more non-retirement savings cash on hand for an general emergency fund, unexpected home repairs, and not to mention unexpected closing costs/expenses.


Sent from my iPhone using Tapatalk
I do, just forgot to mention it. Down payment $15K and my SO own checking account $3K.

Sent from my SM-G892U using Tapatalk

Share this post


Link to post
Share on other sites

See post #4.

You don’t have enough of savings yet. With 2 kids, it’s a must to be able to plan for life ahead


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    1. joshmerd
      joshmerd
      Age: 39
    2. Kat58
      Kat58
      Age: 100
  • Member Statistics

    • Total Members
      178,180
    • Most Online
      2,046

    Newest Member
    ownagekvt
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines