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>How do mortgage companies actually decide this?
>I'm afraid to even apply.
>I'm so scared everyone will laugh in our faces.
Hey, nobody here is going to laugh in your face. So take a deep
breath, and stay calm. :-) We're here to help.
>I am forgetful, so even though we pay our bills and have plenty of
>money to pay them, I've frequently been late. I fixed this just
>recently by getting with a bank that will mail my bills on time for
>me automatically, but it will show up in any credit report on me that
>I've been late a lot on my credit card.
This was a good move. I used to have the same problem. Now I
pay all my bills electronically/automatically. This really helps
with my budgeting, too!
>This may look like we're over our heads in debt, even though we aren't
>by any means. I always pay more than the minimum,...
Well, "I always pay more than the minimum" is not my definition of
someone in a good credit situation. What I'd like to be hearing
from you is "I'll have all these cards completely paid off by
Christmas." If you can't do that, then you might want to reconsider
going into *more* debt at this point.
You pointed out that in your field, there is a lot of job-hopping.
You need to be aware that in your field there is also a good potential
of some involuntary down time. Not a problem if your expenses are
low. But if you get into too much house, wow, I don't want the stress
you are going to have to deal with.
If you get all those cards completely paid off, that'll look good to
a potential lender.
>Does anyone know where I can get two or three examples of the different
>formulas/criteria mortgage lenders use to determine if a potential
>homebuyer is credit-worthy?
Hey, this is a great question. I don't have any idea, myself. :-)
Hopefully someone will chime in with some good references.
>I can see you crying for the children of the flame; I can feel you comforting
>their fears from the dread, unspeakable name; I can hear you screaming out
>the truth saying children, come be free; I can hear tears in the wind.
Whoa, spooky.
--Jimbo
(
geocities.com/vyque)