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My husband and I are trying to buy our first home with an FHA Loan. We were already prequalified, but i know thats just a basic run of your income and credit report.
We have zero debt right now. Cars paid off, all credit cards paid off over a year ago, we make about 5500.00 income per month between us both. we have household bills of about 600 dollars plus rent of 964.00 plus food and spending money, and the house we want is about 190,000.
the problem is, i have some OLD chargeoffs that have been paid, theyve been paid for over a year now, but a few say on my report "paid chargeoff" , and i have one judgement from awhile ago that says "satisfied" and should come off my report in 2013.
My husband had a judgement out of nowhere about 2 months ago, from something he owed when he was 18 years old, and as soon as we found out about it, he paid it off immediately and the case is now "satisfied". that has not shown up on his report as of yet, but we're worried it might pop up during approval.
we are going today with all of our paperwork to make sure we are preapproved, and im scared that these things in the past might hurt us. do you think we will have trouble getting this fha loan?
I think you should be okay, as we were about the same situation as you, had previous collection items from the past that were satisfied and we were okay.
With your DTI as low as you state, you shouldn't have a problem.
Thank you for making me feel so much better. Im glad you guys are ok!
My scores are between 685-696 , although if i go to experian directly it says my score is 665, i dont understand that. thank you Chet also!! you guys are so helpful.
The fico cutoff for most lenders is now 620. You should have no problems qualifying.
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