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Looking to buy in the next 3-6 months. Does it look good for me?

Stats:67k a yearCredit cards almost paid off (so they dont count towards dti for min payments)Non-medical collections, less than 2kCharge off from 6 yrs agoBk that goes off credit in 2022Student loans- 77k (in ibr. Payment on reports is $142 each month) fully amortized payment is $377Car payment- $554No other debts or payments. Scores currently are 673, 662, 647( should go up once i hit below the next % of card utilization. So i am leaning to either conventional or usda. Wouldnt mind some down payment assistance. Leave collections alone? by chadius6699829 from Augusta, Kansas. Feb 17th 2021 Reply


Forgot to say the title is the other question. Does it look good for me?

Feb 17th 2021
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,236 contributions

Well, it doesn't look bad. But there are too many unknowns. What type of income, Self-employed, 1099, W2, Seasonal, Gig? How long on the job? What score model did you use to get the scores you are quoting? Collections may or may not be an issue depending on what, who and how they are reporting. What's the long-term payment history on every account post Bk? Are you buying a $100,000 home or a $500,000 home? Seriously though, if you really want to know your options, stop playing around. To get honest feedback on where you stand, what you qualify for and what, if anything, you need to do to improve your outcome, take the first step and work with a Licensed Mortgage Broker to get yourself pre-qualified/approved. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.

Feb 17th 2021
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Employed, almost 3 yrs at current job, from fico site:Equifax -> Beacon 5.0Experian -> Fiar IsAAC Score 2TransUnion -> Classic 04 Collections- varies. Would have you look when i apply. One from a college bill, t mobile, one medical, progressive bill etc. Non medical are together under 2k. Post bk, had a really rough 2015, and that led to a charge off (which was my truck being repo'd) Since then, no late payments. Multiple trade lines. I'm looking at houses in the 150k to 200k range. I didnt know if working with a broker this far out would be a good idea or not. Especially since it would be a hard pull. Hence why I'm on this site asking.

Feb 18th 2021
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

Based upon your response to Bert you're credit items likely are things that can be overcome. If you still have credit card balances the minimum payments will be included in your debts. You did not mention the amount of income so your income and down payment will determine the amount you will qualify for. I would not pull a hard pull on your credit if you are 3 to 6 months out as it will just be an inquiry ding on your report. Looks like you have a monitoring system to know what is on your report and actions to improve without the pull. I am located in Topeka so if you need assistance feel free to call.

Feb 18th 2021
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I make 67k a year salary. Yea im about $1500 away from all cards paid off. In my original post, i said i was leaning to usda or coventional due to down payment size (usda being 0), or dti rules with student loans (conventional). I can have 3%. (Via 401k and savings, either or) thats why i said i was a few months out. Not only paying the carss down or off, saving down payment, but also if i need to pfd any of the collections. They total- 113, 200, 95 (med) 874, 554. I have the monthly 3b report from fico's site.

Feb 18th 2021
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

I mis read I thought you indicated 67K in cc debt. The age of the credit collections I would not touch. If you pay they will just update with a more current date and actually likely will lower your score. USDA is a longer close as you have Underwrite at the lender then underwrite by USDA office. Usda is a little tougher on non medical collections but since they are old and less than $2000 likely not and issue. Unless your score is better probably better USDA than 3% conventional because your MI will be less.

Feb 18th 2021
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I know some lenders have changed the score requirements for usda, conventional, etc. What middle score should i try to obtain, to pass the underwriter software? Should i have reserves with either loan product?

Feb 18th 2021
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

We have plenty of lenders that have normal pricing at 620 and above and some that for higher rate do 580. You should be fine. Obviously higher the better

Feb 19th 2021
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I tried going to your website and the address woukdnt resolve. (Meaning i couldnt get to it) i clicked on your name. And then website link

Feb 19th 2021
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Hey did I pay off my house

Feb 23rd 2021
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

Sorry for the late response. The link is not correct and I have not got Lender 411 to fix it. They have to do it. The correct website is KDMortgageAdvisors.com

Feb 24th 2021
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Greg Bleyl (GregBl)
#59 ranked lender in Ohio - 22 contributions

It seems like you are on the right track. Have you considered getting pre approved? Feel free to reach out at 216-496-0211

Mar 25th 2021
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