My Annual Credit Report Equifax
2010
How difficult is it to get a mortgage these days, post-subprime collapse? Am I qualified to get one?
I live in the Philadelphia area. I have two jobs(one full-time job that I’ve been at for over 1 yr, and one part-time job for extra money) and an annual income of about $32,000.
Overall my credit is good. My TransUnion + Equifax scores are in the 720-730 range. My Experian score is in the 690-710 range due to a long-ago public judgment from 2002 that’s been paid in full since 2003(the judgment only appears on my Experian report). I have a good mix of credit and it’s all paid current/on time. I have several credit cards(all cards paid off in full to ZERO), a paid-off personal loan, a car loan(I owe only $7K of the original $26K; it’s a 6yr loan that I’ve had for 2.5yrs now), and a student loan(I owe a little under $10K; my payments are $105/mo).
Could I “handle” a mortgage or would I get rejected? Right now I’m paying over $900/mo for a 1 bedroom apartment, which I think is downright b.s. I’m hoping to get a house that costs between $140-180K. What do you think?
Your main issue will be the part time income, lenders will not count part time jobs unless you’ve been at the same job for over 2 years. Other than that I think you’d qualify, most lenders use the middle of your credit scores to qualify so you’d be entitled to the best interest rates with a score above 720. The last thing though is depending on how much your other liabities are you may not qualify for such a high loan amount with your income. Lenders want a debt to income ratio of about 41% or less including all credit liabilities, the mortgage, taxes , insurance and PMI, so I’d say you’d more likely qualify for about a loan of $120-140 depending on your other monthly liabilities. Good luck and contact a few mortgage brokers to find the best deal for you.
Equifax Deletes UNPAID Collection Placed By Alliance One AKA CBT Credit Services – Oct 25 2010
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