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Should I wait.

My credit scores are 668tu. 683eqi. And 730 exp. I have 19 months on the job. I have a medical judgment from 2009 that I didn't know about that states the amount is zero. I have one low limit credit card which I keep a balance of under $100 at all times. Never late, account is twelve months old. My credit reports all state i have zero debt. The only payment I have is cell phone. No car payments. I make 48k/yr. I have 10k down. Looking at houses in the 160k range. My concerns are lack of credit and 19 months on job.
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March 03 - Yorkville
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short answer sounds like a loan to me. i still have a handful of questions to ask but i don't this forum is the correct place to ask these questions, but from the information you provided i don't see why you can't own a home
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March 12
It's a great time to buy now with rates as low as they are and prices of homes as low as they are right now. Both are projected to get higher as the warmer climates hit and as well in the future in the coming years.

Your scores seem find and you have a nice amount saved for downpayment & closing costs.

Talk to a lender to get a preapproval then find a Realtor to help you with finding a home that fits your needs! Good luck!
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March 12
You may want to open other credit cards or lines of credit. Lenders usually want to see two or three lines of credit from borrowers. Although, there still may be some loan options you can qualify for. You credit scores are good enough for most loans. It would be much easier if you spoke with a lender directly to see if anything can be done for you, because more details are needed about your situation. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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March 04
The first thing is getting pre-approved from a bank.  once you do that, you will have an idea of how much home you can buy.  Waiting isn't always the right move, as interest rates can climb and thus erasing any down payment that you might have saved up.  I think that if you go to a bank first and get pre-approved you will have your answer to the questions if you can buy a home now or not.  Hopefully this has helped you. 
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March 04
I don't see any reason to wait given what you said, it all sounds reasonable. You may want to open a few lines of credit to establish some new good credit history since underwriters like to see open tradelines, just be sure to keep the balances very low compared to the full amount you can take 33% or less is a good measure. It doesn't cost anything to take a look and see what you can qualify for and what payment you would be comfortable with per the loan amount program ect. Would be happy to help if you would like to contact me.

Best of luck,
Brynn
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March 04

@user48789095

Good to hear that you are liking your job!  I love what I do as well as most on here will also say the same.  Being W2 is a good thing as your previous self employment will not affect your qualification now as you have shut it down.  You have a great explanation of your employment gap that underwriters will understand. 

I would speak to a loan officer to see about a pre-qualification many will do a "what if" scenario first and then eventually if they see fit pull your credit.

Just as Barb said it would not hurt to see what you need to do to purchase your future home!

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March 04
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I am on a w2. My salary started at 30 per year and now I'm at 48k. I love my job and my employer has paid for my education in this field. He has spent 13k in 19 months sending me to night school. I don't see myself leaving. I can actually see myself retiring from here and I'm 38 years old.i feel lucky. I don't think many people like their job this much.
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March 04
Please accept my sincere condolences for the loss of your son; I cannot imagine how difficult that must be for you.

Based on the further information you provided, I believe it's best if you meet with an experienced MLO in person to review your entire qualifications.  Even if you're not qualified at this time your MLO can guide you as to what steps to take to prepare for a future home purchase.

Trevor Curran
NMLS #40140
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March 04
I'm so sorry for the loss of your son. I still think you have something to work with to purchase a home, in spite of the 19 months on the job. You should have your credit report run and your entire scenario reviewed by a lender. What's the worst thing that could happen? If it doesn't work now, then at least you are well prepared. Also, assuming you are in IL, you can look into down payment and closing cost assistance through the IHDA program.
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March 04
@user48789095,

Sorry to read that you lost your son, that is tough! 

Really your scores are great!  So are you still self employed or do you have a W2 paying job? 
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March 04
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I opened a small business and 1 year into it I lost my son to trisomy 13. I took the money out of my business to pay expenses and shut down. In that year I barely ever paid myself. I know taking the money out of my business was not a good idea but I don't feel I had a choice at the time. I had a mortgage that was perfect. I sold my home during my divorce in 2000 and it recently fell of my report. Dropping my scores to what they are now. So basically I have over an eighteen month gap.
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March 04
Good morning,

My response to your individual qualification points:

-Credit scores: good to go
-19 months on the job leads to a question: have you been consistently employed for 24 months?  Or, did you complete your formal education (College/Trade school) immediately before landing your current job? Typically you are required to have 24 months consistent employment (short gaps are acceptable, depending on job type) to qualify for a mortgage loan
-Judgment says "zero?"  good to go, but you'll need to provide a "Satisfaction of Judgment" and explanation letter at application
-Depth of credit: your scores are quite high for having only one account.  Are you sure only one account is open and active in the past 24 months?  Typically we'd like to see at least 2-3 accounts open and active.


My advice: get yourself in front of a local Direct Lender and an experienced Licensed Mortgage Loan Originator (MLO) for a proper prequalification.  You can verify the License and experience level of MLOs at the NMLS consumer access website.

All the best!
Trevor Curran
NMLS #40140 
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March 04
My web site has some lender references. Give them a call and see. They do not charge to speak with you.
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March 04
Your scores seem to be in tact with program minimum standards.  With having that amount down you may either choose FHA with 3.5% down or 5% down with a conventional loan.  I think it is up to you if your ready to purchase a home.  There are factors of course when it comes to pre-qualifying for a loan.  The concern of lack of credit, could be a concern.  However, there is alternative credit that you could use, such as rental history for the last 12 months and utility bills. 

You should inquire and talk to a loan officer thought go through the steps and to see if this is something that you could afford. 
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March 03
no need to wait - you meet current guides for FNMA and also FHA.
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March 03
19 months on your job shouldn't be a huge issue. Perhaps you had another job prior to that? You are not required to be employed by the same place for 24 months - you can change jobs. Assuming you have been in the same line of work, that's easy. If not, usually it's not difficult to show the connection between lines of work. If you were in school prior to the 19 months, that counts as well.
Regarding your credit score, it seems that you may suffer from a low score because you haven't added any new/good credit since your difficulty. The scores don't appear to be a problem.
What percentage of a down payment are you planning to make?
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March 03
 
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