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)
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!!