1 year plan. Do you think it's realistic?

Answers:2   |   LastUpdateAt:2012-09-23 06:40:03  

Question
Mikrya
Asked at 2012-08-21 09:00:26
He currently lives in Chicago , but want to move to Houston in July. Current Credit around 590-610 . Chapter 7 in 2001 ( discharged ) / Chapter 13 2003 (dismissed ) . No credit card debt . Consolidated student loans . No car loans . Credit Report has collections of cable companies and more diverse utility . bullsh ** . My plan is to take my tax refund in February to clear everything except student loans . I also plan to make timely monthly payments for the current rent / utilities / loans students have 12 months of fixed payments . If I can succeed , does that are favorable to mortgage companies ? I already expect to pay a higher interest rate because of my credit . I'll be looking for 30-year fixed rates with 100 % financing . What else I can do now to prepare myself and improve myself for a mortgage ?
Answer1Japan has been 'thinking Answered at 2012-09-06 01:11:06
From what I understand ( I have 3 friends , all of whom are loan officers with leading estate agents in the Greater Los Angeles ) getting into a home primarilly depends on two things : 1. Cash, 2. Debt to income . I was also told , however , that depending on the area you are buying in these two primary requirements change in importance . In addition , it is easier if you are pre - approved as a member through a credit : shows that some agencies are willing to take the risk of a certain dollar amount . Furthermore , I understand that the Houston area is open for buyers right now. MedlinePlus MedlinePlus I think your plan is more than realistic given where it is planning to move . Good luck to you ... I wish you well .
Answer2CarolAnswered at 2012-09-23 06:40:03
YES, YOU CAN DO THIS ! MedlinePlus MedlinePlus More importantly, restore your credit . Get new credit cards , and use them - they are paid monthly. Every three months , request a credit increase . You need credit to get a credit history . NO NOTHING is late . Lates after BK are a blow to their chances . MedlinePlus MedlinePlus Then the work of the settlements in the bad debt is still open . Many companies will take a% on the dollar just to get it off the books . Make an attempt . It's a bad debt , and "paid / settled " looks much better than " open / due " MedlinePlus MedlinePlus Finally , putting together a down payment. You have a year to save , so that. 100% financing is not the best idea, since rates will be high , payments will be higher , and these types of loans are harder to get ( think about it ... the investor is taking all the risk in buying a house you ... who can say that not only is he going? --- hence , the risk is built into the rates they have to pay in advance) MedlinePlus MedlinePlus Put the money in a bank account . Lenders look favorably " cash" . Savings, checking , 401K , IRA , whatever ... make sure you can document the funds as their own . MedlinePlus MedlinePlus Good Luck !
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