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what do you think my chances are in 9-12months for mortgage


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Hello all I am in the midst of repairing my credit and have had some success. with that said I intend to purchase a home within the next 12 months.

Below is my credit situation now, my current income and any other info that might be needed to purchase a home. Any valuable input would be very helpful.

I am a first time homebuyer. looking to purchase around 40,000-70,000.00.

my income is 27,000.00 (median family income where I live is 31,000)

married with 2 children

wife is in school

we live in east texas

median price for a home is about 75000

I have 2000 saved for a down payment/ closing costs

I have 7,100 saved in my company esop retirement plan

Will receive at least 3-4000 in income tax february 08

I own both of my cars outright

my credit scores today

transunion 595 experian 560 equifax 590

my credit

bad tradelines/collections/chargoffs

1.capital one 700.00 (co 14months ago)

2.first premier 382.00 (co 14 months ago) paid

3. applied card bank co paid (within the last 2 years)

4. citi co will come off report in 2009 (unpaid)

5. medical collection 153.00

6. medical collection 152.00

good tradelines

1.student loan 8 different ones balance 19,000 total payments +200.00 per month

2. orchard bank secured 200.00 cl 0% utilization 0-12 months

3. crown jewelers 1500.00 0% utilization 0-12 onths

4. ccu credit card 500.00 0% utilization0-12months

5 imagine mastercard (i know don't tell me) :oops: 400 cl 0% utilization 12-24 months

not sure what piti is for this area

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You could get approved today. Not the best rate but you could still get 100% financing today.

9-12 months? No problem. Try to get some of those baddies removed, save what you can, pay rent with check, and start keeping those rent checks now.

Also make copies and keep safe your tax returns for the past 2 years.

You should have little trouble by the end of the year/early next year.

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I don't think it'd hurt. If you claimed you were paying rent, you'd need to show proof of rent payments for the previous year.

I'd recommend figuring out how much you want to spend each month on the mortgage/taxes/insurance and put that money aside starting now.

Also, do you pay any utilities? You need to start budgeting/setting aside for all of that (electric, water, gas, phone, cable, internet).

Just make sure your income will support what you expect to be paying monthly when you move out.

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If possible, it would be more advantageous to pay rent with a check and have the landlord pay the utilities.

If not, then it's not necessarily a requirement for loan approval, but depending on the loan program it may be considered a 'layer of risk'.

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If you are banking 600.00 per month then can you have grandparents open a savings just for your $$$ you are trying to save? Pay them the savings each month by check and say it is the rent you pay?

You would have a nice chunk of money saved provided no one touches it.

Maybe even set a smaller amount. But it would need to be same each month to show consistancy.

You can rent from family and your mortgage broker does not know it is free unless you tell him. That way you can show "rent" payments and save money.

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