Mortgage
Looking to own a house on Social Security Disablilty
Hi!
I cannot find an apt I can afford so now I'm looking at home loans. I did own a piece of property and was building my dream house and the first housing market crash took my hard work and went away. Built with my own hands. 😢 years later and now disabled from an accident, I'm wondering if buying a house and some property is in the cards for me. I'm really tired of apt's and being moved around. I need a sense of security for once in my life.
My FICO score is 780ish+
I've been trying to get to 800 for fun but now wondering if I can even get a loan with my income so low on SSDI.
Any ideas before I become homeless? I am in Minnesota if that helps anyone. I'm trying to figure out if there are any resources I can use to get some stability for once. Thank you! ✨️💪💯✌️💛🖤
Mortgage lenders pretty universally treat everything above about 750 the same. Increasing your credit score won't do anything. Talk to lenders and see what you might qualify for with your income You might also check for down payment assistance programs in your area. I was surprised to see that I qualify for several in my area.
First, the FICO 9 score shown there is very impressive, but it's not a score used by mortgage lenders. Mortgage lenders use FICO scores 2/4/5, commonly known as the mortgage scores. They drop the top and bottom scores and use the literal middle score of the 3, not an average. Unless you have something crazy going on, like paid collections that are ignored by FICO 9 but not the mortgage scores, then your credit scores aren't going to be the obstacle to a mortgage approval.
Your middle mortgage score is more influential in the rate you can be approved at whereas your financials (income, income history, DTI, etc.) are what actually gets you approved for the loan. On a fixed income, you may need some 'help' to qualify, but there are programs, both locally in many markets and nationally through the FHA, that can help. While Denver isn't a VHCOL market, like DC, NYC, LA, etc., it's squarely in the HCOL category, so it just ain't cheap, as I'm sure you're aware. Do a little research and talk to a mortgage broker about what products may be available for someone with good credit, but on a fixed income.
Edit: Idk where I got Denver from. Lol. In Minnesota, if not in the Twin Cities, there are likely some more affordable options, so you could have a real chance.
This is CK and virtually irrelevant VantageScore 3.0 scores. Almost no lenders use them, and certainly not mortgage lenders. It's perfectly normal to have score fluctuations due to changes in reported utilization, but it has no memory in current FICO models, so any score loss caused by utilization is quickly and easily reversible.
You can pull your 3 official credit reports from https://www.annualcreditreport.com for free once per week. The reports are very detailed and accurate and will show you everything that's currently on your 'Big 3' credit reports, but there are no scores with these reports.
Unfortunately, the only site I know where you can see all 40+ FICO scores, including the mortgage scores, is https://myfico.com, and there is a fee (about $30) to do a full 3B pull with all your scores. In response to your other comment, the FICO 9 and VantageScore 3.0 scores in your screenshots don't indicate the presence of derogatory information on your reports, so anything negative that was on there seems to have been removed or fallen off. You can confirm by getting your ACR credit reports and seeing if any derogatory information is present. From what we can see here, credit scores aren't going to be your issue qualifying for a mortgage. You're likely going to need some 'help' with the financials, but there are programs out there that may be able to assist with that.
Yes, down payment being one of them. I didn't expect to be buying a house but there isn't any apartments open I can afford in this state. It's trying to afford a house or buy a tent and live in the woods. Winter wouldn't be fun here that way. I've done it before but I'm no spring chicken anymore.
Also, my ex bf racked up about 18k worth of credit card bills in my name I wasn't aware of until he passed away. My credit reset about 3 1/2 years ago after I was advised by a local non-profit finance company to quit trying to keep up with the bills. I thought I'd be arrested or worse! I was terrified but I was going starving because I was attempting to pay them back. Otherwise, I don't think I'd have an issue at all. Not much I could do when the theft was from a dead person. I couldn't get it cleared up. So, it was non-payment and credit has been built back up but has it? I've always wondered if it would haunt me because it kills me with guilt. I'm not the type to walk away from things like that, much less let it go unnoticed but disabled, I had him grabbing the mail. Dumb idea!!
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u/inky_cap_mushroom 29d ago
Mortgage lenders pretty universally treat everything above about 750 the same. Increasing your credit score won't do anything. Talk to lenders and see what you might qualify for with your income You might also check for down payment assistance programs in your area. I was surprised to see that I qualify for several in my area.