My credit score, 676. His credit score, 632.
My credit report has a paid/satisfied medical collection, aside from that no other negatives to my report.
He has a satisfied/paid tax lien, over 2 years old.
And he owes back child support, we pay $750 per month towards current and back child support. We have a repayment plan and make monthly payments, but it stays on his credit report until the back support is paid off. We have not missed any payments, or made in late payments in 2 years. But there was a period where he did not pay while he was going to college about 5 years ago. His tax lien and child support status are being disputed with the credit bureau and his score will go up when the new information has been verified.
We are interested in Section 184 Indian Home Loan Gaurantee Program (he is native american), or a more traditional FHA loan.
He makes 38,400 per year, and will get a $6 wage increase in June. He works all year round as a Police Officer.
I make $17,000 per year, and will get a $3 wage increase in April. I work 9 months out of the year, at a seasonal lodge as the housekeeping department manager, and collect unemployment during the off season, we live in an extremely remote area. Not very many jobs for women.
Currently we rent, we have great rental histories for the last 5 years. He is 26. I am 23.
Together we own 5 vehicles. He has no credit cards, no bank account. I have a checking account, 2 capital one cards, one is below 50% of the limit and the other is slightly about 50% of the limit. I will be paying one off in full with my tax return.
We have all tax forms, return forms, w-2's, and paystubs from the last 2 years.
We have a propterty in mind, it is on 17 acres, single standing home with a shop listed at $187,500 16 minutes north of the closest town.
Any and all advice would be greatly appreciated. We are first time home buyers, very nervous, excited and hopeful! Thanks for your time! =)
Read more: What are our chances of home loan approval?
