Need advice on what I should do to be able to get a Mortgage

QuestionsNeed advice on what I should do to be able to get a Mortgage
asked 3 years ago

Hello everyone,  I hope someone can help me out and guide me as too what steps I need to take to obtain a mortgage.  Let me start out by saying that I have been working on my credit for about 6 months at this point and before that I was just simply ignoring it completely.  lucky for me (I think) it had been so long since I had even attempted to gain any kind of credit my report is relatively clean (again I think)…  I will paint you a picture and maybe someone can offer some advice as too when and if I would be considered ‘mortgageable”   🙂 


First off my current FICOS are (from myFICO dashboard) 

EQ 648

TU 676

EX 715


mortgage FICOs 

EQ 665

TU 633

EX 622


I don’t understand why the huge disparity between FICO8 and the mortgage numbers 


I am former military so I can get a VA loan


My employment history:  I have currently been employed for just 1 year.  before this for a couple of years I had been going to school and unemployed.  I’m not young however and before going back to school I had been employed in the same industry (as I’m in now) for 10 plus years.   I guess I don’t know if I need another year before I should even consider looking.  


I have one negative mark a judgement that is scheduled to fall off in November, not sure how they look at this.  I plan on definitely waiting till it falls off


I did have some collection accounts but I have had them all removed with PFR letters and payment.  so they are completely off my credit report


My student loans currently are in defferment (scheduled for review in December) I calculate my payments will be roughly 130 a month


I have 6 credit cards all of them with perfect payment history but like I said they are not old CLs only about 6 months of history there.  


I don’t have any car loans 


My income is about $ 45000/yr   I live in TN, houses I’ve been looking at are around 130,000 to 150,000


Any advice would be appreciated!  I really don’t know how long I should wait before even considering trying to get a house.  I am just sick of paying rent for NOTHING.  


Thank YOU in advance!!





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