So I thought we were ready, my best friend’s mom is a realtor and I’ve contacted her financer guy. This weekend I’m going to work on putting everything in and then I’m meeting with him sometime next week. My husband has horrible credit. He had medical bills go to collections years ago and then no other good or bad credit after that. I have what I thought was good credit, but soo much debt. I have a student loan, I have a car loan, and I have about 15k in credit card debt. I have a good paying job, about 60k a year and my husband makes about 37k a year. I have high credit utilization and 4 collections on my report I didn’t know I had, 2 recent. They’re all medical bills under 100 dollars though. I would like to pay those off but I’ve heard it reactivates them and brings your score down. My “FICO” credit score on all my credit card accounts they offer for free now. is 740 — this is why I thought I had good credit, my credit karma ones are 667 though. I don’t know which ones are accurate. Also, we have about 4000 in savings. My mom is planning to gift us about 2500 for a down payment. I had planned on just applying for the loan myself since his credit scores are in the 550s. I don’t know how much I’ll qualify for. I know the collections take away USDA eligibility, and now I’m panicking we don’t have enough for the down payment and closing in savings. Also, my debt to income ratio is in the high 30s, so I just am all over the place. How bad if shape am I in? Should I just go ahead with the preapproval and see how bad it is?
Submitted February 27, 2020 at 09:21PM by notsotonydanza https://ift.tt/398nn2T
