o start off. My credit is trash lol. It's about 550. I had to pay quite a bit in lawyers fees for my divorce and fell behind very fast. I have finally gotten to a point where I'm on top of everything. Never missed a mortgage payment or anything but I am wanting to sell my current house and move to slightly bigger one as i have our 2nd child on the way.
I have 2- 2k cards charged off
One 8k card charged off.
I've been slowly chipping away at the charge offs and was wondering if there's any shot at a lender approving me for a loan. I have 120k income and about 1500 monthly debts (not including current mortgage)
Posted by jurrassic0805
3 Comments
No, you need a minimum of 620.
You’ll need to rent for a few years while you get your finances back in order. You’re frankly not in a position to be buying a house.
Current house equity, rate, and all that information is would be helpful. As the other guy said you don’t qualify for minimum requirements.
You probably know you need to work on your credit, but there is no harm in starting that process now. You might be 3 months out, or a year out, who knows. But your lender will be able to run scenarios in-context so that you have a realistic idea of what you need to do.
FWIW, it can be done at 550, but it gets a lot harder to qualify.
I’ve seen people buy houses using the VA Loan all the way down to 535, but it was a miracle.