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Hello everyone, I know that in today’s mortgage market, people of shaky credit are looked upon as radioactive material, lol.
However, I have a few questions for all of you that might be willing to provide me with some guidance.
First, a little background on my family’s situation though….
My husband is in the Navy, for 8 yrs., is active duty, and makes about $4000 a month including housing allowance. I have been working for about 6 months; make about $2200 a month.
All of our bills are in HIS name. He has both our cars, payments about $1060 for both, about 8 listed (deferred) students loans with payments totaling about $200 a month, 1 personal loan with a balance of about $900=$185 month payment. 1 personal loan with a balance of about $2000= $235 payment. 1 personal loan with a balance of about $300= $75 month payment. These loans are supposed to be paid off by July. 1 credit card payment of about $30 and balance of about $750.
I had a baby last June and had to stop working because I was working as a freelance interpreter/translator and did not have maternity leave benefits, which cause our finances to go skew. We have been behind on several loans and car payments, even the mortgage, but have now finally been caught up and should start showing on time next month.
Hubby and I both had collections, his however, have been paid off and mine are no more than $2000 I think.
Hubby has a mortgage in his name (“bought” his mom’s house because she couldn’t afford to pay it). The house is rented for the same amount of money as the mortgage. We were late on it as well due to our rough patch, but it is caught up.
Please, does anybody think we might be able to get a decent mortgage, or I am just far off dreaming?
We might be moving in August and would like to move into our own home as opposed to a rented place. I would like to use the money that we would probably use to get a rental ($4000-$5000) and get our own home.
Does any one know about VA loans?
Last edited by yayamyers; 03-06-2008 at 10:39 AM..
Reason: format
I understand, however, when my husband's got his other mortgage we had the same debt-income ratio. The mortgage broker told us that since the loans were going to be paid off in less than a year that we qualified. Isn't that true anymore? We only have like 5 payments left on each of the loans.
Ahhhh...I also forgot to say that we have about $18,000 in equity in our other house. I just don't know how we can get it out to consolidate our bills and maybe lower our debt-income ratio.
Darn...I was hoping someone might known some tricks, LOL
I understand, however, when my husband's got his other mortgage we had the same debt-income ratio. The mortgage broker told us that since the loans were going to be paid off in less than a year that we qualified. Isn't that true anymore? We only have like 5 payments left on each of the loans.
Ahhhh...I also forgot to say that we have about $18,000 in equity in our other house. I just don't know how we can get it out to consolidate our bills and maybe lower our debt-income ratio.
Darn...I was hoping someone might known some tricks, LOL
"Tricks" are what is putting so many houses in foreclosure this year. Clean up your credit, get back on track, then buy a house.
"Tricks" are what is putting so many houses in foreclosure this year. Clean up your credit, get back on track, then buy a house.
Well, we might have some shaky credit, but we didn't get our first house by using tricks. Our other house is NOT being foreclosed, and unfortunately my husband and I did make some mistakes in our past and understimated how important credit can be, but we were young and stupid and had no guidence.
Its not like we are bums or something, we have been cleaning up our credit and have made a lot of progress. I was simply trying to see if I HAVE to wait another year or two or if it was remotely possible to buy a house. Renting is getting to be expensive, especially when you are a military family and move often. Yes, the military helps, but it still is costly.
Well, we might have some shaky credit, but we didn't get our first house by using tricks. Our other house is NOT being foreclosed, and unfortunately my husband and I did make some mistakes in our past and understimated how important credit can be, but we were young and stupid and had no guidence.
Its not like we are bums or something, we have been cleaning up our credit and have made a lot of progress. I was simply trying to see if I HAVE to wait another year or two or if it was remotely possible to buy a house. Renting is getting to be expensive, especially when you are a military family and move often. Yes, the military helps, but it still is costly.
I'm not saying you're bums. If you really want to know, why not just go see a broker and find out?
Location: central, between Pepe's Tacos and Roberto's
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I would say that you would probably need to wait until you are current for 12 months on all of your bills. Your best option, according to the information you posted here, would be an FHA loan, but those lates will absolutely kill any chance of being approved. If you, however, can demonstrate a strong 12 month payment history then you should be able to get approved. Aside from that I thinks your options are extremely limited, and realistically there may be no other options than to stay on track for awhile and try later.
Well, we might have some shaky credit, but we didn't get our first house by using tricks. Our other house is NOT being foreclosed, and unfortunately my husband and I did make some mistakes in our past and understimated how important credit can be, but we were young and stupid and had no guidence.
Its not like we are bums or something, we have been cleaning up our credit and have made a lot of progress. I was simply trying to see if I HAVE to wait another year or two or if it was remotely possible to buy a house. Renting is getting to be expensive, especially when you are a military family and move often. Yes, the military helps, but it still is costly.
We purchased using a VA loan and although we didn't have any credit issues, I think I read that you were eligible two years after bankruptcy. Don't recall anything about collections or minimum credit score. You still have to qualify for the loan with debt to income, obviously. You should contact the local VA with questions. Try to stay away from the big VA lenders if you can, as they seem to charge origination fees on top of funding fees.
It's good to know you are on the right track with your credit, but I am wondering if you move often, why the rush to buy a house? Could you do base housing for a few months to cut down on the expense of renting while you finish paying off the personal loans?
in my opinion (which means nothing really, because you will either succeed at getting a loan, or not) you may be able to get a loan. Please consult an experienced loan agent and ask him or her for a realistic analysis.
Feel better??? Whew!
You asked for opinions and got quite a few from very experienced agents. I'm so sorry that you don't like the answers they gave. None of us really have a vested interest in your personal outcome - and more importantly, know the details of your life and credit/income/debt history. Why are you arguing with posters on this board about your ability to qualify?
Your battle is not fought and won on this board or any other one, you know. Make your case to your lender and stop arguing with people who are really trying to help you without any detailed information.
If you have a general question = you will get a lot of general answers. So, if you don't like my answer, prove me wrong and post on this board for all to see.
I'm a bit crabby tonight - Rough short sale day! Can you believe that WF might pass on $120,000 in payment on a 2nd TD? Or get NOTHING if the 1st forecloses, which is likely to happen in 5 weeks. I'm going to take a nap now...
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