Been a victim of identity theft & got layed off from work Vol. Trying to buy a home

[r-man jam]

Here's the deal NT Fambz & anyone with any sort of experience or knowledge with this please chime in. Ive been googling alot lately and havent found exactly what im looking for.

Ive been saving up this cash flow for a while now & have enough to either buy a small house, condo or townhouse. Or maybe rent a nice apartment & really hook that ishhh up.

From mid January of this year up until 3 weeks ago I got layed off from work & during that time, when filing my taxes, i found out that i have been a victim of identity theft. Someone used my name & SS# on turbo tax to file theirs. Everything from that is getting sorted out as far as I know & there hasn't been any extra lines of credit opened.

This is the first time I have been without a job in 8 years, i have been with the same company for almost 6. I have been back for 3 weeks now. Im 28, single, made $58,000 last year, live in jersey. credit score is 650-690 depending on which one im looking at. I lived on my own from 23-26 then moved back in with the parentals almost 2 years ago & really getting the itch to get the f out. This really threw a monkey wrench into my plans.

Common sense is telling me that i'm pretty much effed for getting a mortgage & in my head im like "what mortgage lender is going to approve me for a mortgage?" 

Honestly, renting isn't what i want to do but i believe its the most logical thing with my situation. 

Any sort of experience/knowledgeable NT'ers have any words of wisdom?

 

[championboyz7]

Don't rush. You can't leave you can't leave. Why go live by urself if you can't even pay the bills ?
Get a new job, get that identity theft thing taken care of, and then continue.

 

[repandpresent]

Just save up money and work on your debt if anything. No lender will give you a loan without a job. 

 

[hybridsoldier23]

Do you have the 20% cash for a down payment?

 

[larrydavid]

Stack that paper up for a substantial down payment and have all your debt paid by Jan. 2014...

Plan to move into a house, townhouse, or condo around February. You'll still be a home owner in less than a year and before 30, there's no logical reason to rush out to rent an apartment and hook that iiiiish up.

 

[al audi]

bein a 28 single male living with your folks has gotta suck, but you gotta be realistic an take care of other things first..

first reply was spot on

 

[kesp]

Do you have the 20% cash for a down payment?

You don't NEED 20%, although it wouldn't hurt.

 

[headorchest]

OP I agree with what everyone is saying. I have had my identity stolen. I had a couple things on my credit that I had no clue about. I filed a report and the credit bureau removed it. 

As far as getting into a mortgage, there is no rush. You need to get back on your feet first. Start with getting a job and wait until you are financially ready to make a commitment with a new mortgage. I have been renting since I graduated. After 3.5 years in my profession I feel I am ready to make a purchase. There is no rush into a 20-30 year mortgage. 

I know it's tough living with your parents but you have an opportunity to get your funds up. Seize the moment and take heed to what all your brethren has said. Cheers!

 

[JayDean03]

Move down south. With your type of credit you can get a fat *** crib.

I got a mortgage with a 610 credit score .

 

[thunderchunk69]

Move down south.

but then, he'd be down south

 

[puglife]

spend a year getting that credit score as high as you can. get that fraud stuff taken care of, then open up an account at a credit union. take out a personal loan with a promise to pay it back in 12 months for however much you can and DO NOT SPEND ANY OF IT ON ANYTHING. just keep it in your account and transfer the payment over every month. pay it back in a year and hopefully by then your credit score will be a lot better. save up all the money you can for another year and then you'll be in a much better position to get a nice play and do whatever you want. first thing first though....you gotta find another job.

 

[DB Cooper]

I was first a victim of identity theft about 10 years ago. Keeps tabs on it. I subscribed to a credit monitoring for a number of years. I wish I would have done it as soon as I found out. It would have saved me a ton of grief. This thing spreads like the plague! Before I knew it, tons of revolving accounts were opened up in my name. Hope everything works out for ya though!

 

[tim teufel]

not gonna happen. ur gonna need last 2 years of w2's plus atleast six months of paystubs showing you are still employed to be approved by any bank for a home loan.

 

[r-man jam]

not gonna happen. ur gonna need last 2 years of w2's plus atleast six months of paystubs showing you are still employed to be approved by any bank for a home loan.

The identity theft thing is getting taken care of, but its this right here I'm more worried about.