ok I have been working with a temp service continuous for 6 months. at the same place. I make $21/hour. I have never really kept a job for a long time but I have a new baby on the way so I had to get my life together..
Ok back on track.. I make $21/hour credit score was 500 now 530 so its getting better. The only bad debt I have on my credit reports are verizon wirelss collections, and qwest collections total about $600. I do not have credit cards although I was thinking of getting a $1000 secured card to help and keep it under $200. Ok and I want to buy a house in Arizona that cost $60,000 and I have $20,000 in cash saved up for a home.
So with that..
Credit Score 530, Short term employment $21/hour, and $20,000 down.
What are the chances of getting a mortgage? And by the way I have never made enough to file taxes in the past.. errrr.. I know.. But I want to have a house for my family when my baby is born.. anyone have any advice or experiences, or info for me?
I have not had the house appraised or anything, but I am sure thats the appraised value.
well I paid the debt but its still a negative on my credit.
Your biggest setbacks are you work for a temp service, and mostly you do not have a 2 year work history. Add the bad credit (even if paid those negatives stay on your credit for 7 years) Sorry but the combination of both a score in the lower 500′s (FHA wants 620) and short temporary employment will automatically disqualify you from getting a mortgage. I know that is not what you want to hear and you will end up applying for one anyway, only to get turned down, and by applying will lower your credit score even more. Best bet is to wait 18 months or more for continuous employment and getting your score higher
Sorry, but (especially now) you won’t even get them to talk to you unless you are at 620. You better start looking at renting somewhere.
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The best thing you can do is hire a mortgage broker. They know all the ins and outs of getting a mortgage and can really help.
As for your information, the credit score is a little low, and the unstable employment doesn’t help. With $20,000 down, there is a better change that you will get approved.
Good luck!
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Work experience
You will not get a mortgage right now.
It is great that you are getting your life together. Keep it up while renting and continuing to clean up your credit. You will be able to get a house a couple of years down the road.
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$20,000 down is great. Nice job. with 30% down your chances are decent.
Credit score is low but a lender will like the fact you are willing to risk so much of your own money.
If you have $20,000 saved why have you not paid the $600 to Verizon and Qwest? Why are you allowing this little $600 bill to hurt your credit so bad?
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Honestly, your best bet is to sit down with a lender and see….We are actually making settlement end of the month on our first home and my husband is the only one working…and our credit is FAR from perfect…As long as you have the money to put down and pay closing costs I dont see why you would have a problem…maybe a bit with the stable job history…but you can work on that.
Good luck…and btw I couldn’t msg you personally…but your answer for my question about my mother was by far the best advice, and i truly appreciate it. Other people bit my head off!
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Your biggest setbacks are you work for a temp service, and mostly you do not have a 2 year work history. Add the bad credit (even if paid those negatives stay on your credit for 7 years) Sorry but the combination of both a score in the lower 500′s (FHA wants 620) and short temporary employment will automatically disqualify you from getting a mortgage. I know that is not what you want to hear and you will end up applying for one anyway, only to get turned down, and by applying will lower your credit score even more. Best bet is to wait 18 months or more for continuous employment and getting your score higher
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