Would I qualify for an FHA Mortgage in ME?

DWQA QuestionsWould I qualify for an FHA Mortgage in ME?
isenconlegua asked 5 years ago

CREDIT

 

Scores:

      • TransUnion: 624
      • Equifax: 621

 

Negatives:

      • Collections:
        1. $ 150 unpaid utility.  Was not aware of this – never contacted by utility or collection agency.  Found out about it myself after reviewing my report.  Contacted collection agency with a PFD letter.  Can pay off immediately.  Dated: 3/6/2013
      • Charge-Offs (Due to a divorce.  Wife abandoned me, draining joint account down to $ 1.17 and left me to do the best I could with what I had.  I paid rent and car above all-else.  Can evidence w/ copy of Divorce Decree):
        1. $ 0.00  American Express credit card.  Date closed: 3/21/2012.  Status on CR: Closed – Paid-off after account closure
        2. $ 2,928  Bank of America credit card.  Date closed:  7/24/2012  Status on CR: Closed
        3. $ 0.00   Macy’s store credit card.  Date closed: 8/17/2012  Status on CR: Closed – Paid-off after account closure
        4. $ 982  Kohls store credit card.  Date closed: 9/12/2012  Status on CR: Closed

Open Accounts:

      • Credit Cards:
        1. $ 100 ($ 500 limit).  Capital One credit card.  Date opened: 12/19/2013.  Status on CR: Open – Current/Pays as Agreed
      • Vehicle Loan:
        1. $ 0.00  Date opened: 11/23/2009.  Date closed:  8/17/2013.  Status on CR: Closed – Current/No Missed Payments
        2. $ 14,041  Date opened: 7/30/2013.  Status on CR: Open – Current/No Missed Payments

Closed Accounts:

      • Student Loans:
        1. $ 0.00  Date closed:  2/22/2010.  Status on CR:  Closed – Current/No Missed Payments

Other (Public Records, Judgements, Tax Liens, Child Support, Bankruptcy):

      • None

Hard-Pulls:

      • 6 (5 of which will fall off by 8/2015)

 

INCOME

 

Full-time Employment Salary:

      • $ 67,000 annually

Bonus:

      • 3-6% annually

Explanation:

      • Full-time salary employment as a Risk & Insurance Manager.  I started here 12/2014, but have been doing substantially similar work all along.  Prior positions:  Contracts Manager (2 years), Project Analyst (2 years), Insurance Underwriter (5 years).

 

MONTHLY DEBT PAYMENTS

 

      • $ 377/month vehicle payment
      • $ 25/month credit card payment (can pay off immediately, but was intentionally carrying a balance)

 

ASSETS/RESERVES

 

      • ~$ 10,000

 

LOCATION

 

      • Portland, Maine and surrounding

 

PROPERTY

 

      • Single-family home – as turn-key as can be.

 

VALUE

 

      • $ 150-200k w/ 3.5% down.  Family member is willing to contribute towards downpayment and provide a gift letter.

 

OCCUPANCY

 

      • Primary Residence

 

TRANSACTION TYPE

 

      • First-time Purchase

Mortgage Refinancing – Refinance Your Home Loan

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