Amex Authorized User Killed my Credit because no backdating

[Anonymous]

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@Chickenpotpie wrote:

depending on what your scores were, FHA may be a better way to go.  I went FHA mainly for 2 reasons;  The prior house had not sold yet and I was buying in Florida,

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Could you tell me what this has to do with FHA or tell me where I can read more about it?  (Long story but I can't sell my current house while living in it, but just assumed I'm stuck because I wouldn't qualify to buy a new one until the old one sells.)

[Anonymous]

Involver brings up a good point, are you sure your middle score is still your middle score. The other two scores may not have been effected the same amount it's possible that the score you reference is now your low score.

[Chickenpotpie]

Please read a bit here

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory

If the house you want to buy is a primary house, then FHA could work for you. 

The way it worked for us, is that the prior house was in his name, not mine (we're not married)  So this house is in my name, its also a primary house.

There's some nice things about it,

3.5% down. 

FIco Scores are a bit looser than conventional

You do get PMI if your down is less than 10% though

Far as I could tell I didn't have any overlays but this also varies ...sometimes you have to speak to different LO's.

USDA loans are no money down loans but have some stringent requirements attached

http://eligibility.sc.egov.usda.gov/eligibility/EligibilityUserGuide.pdf

Both IMO need experienced LO to guide you through the process, USDA loans in particular...  I wouldn't have qualified based on income though the house I wanted did!!  Bbut for low and moderate income families these loans  can be ideal.

I think if you're looking for a secondary home, then you'd have to go conventional.  That also may mean that you will have to wait until your scores rebound to whatever level they need to.

I would also look at the Mortgage boards here...great info there and some people who can point you in the right direction.

I feel for you that you're going through this.  Your LO should have really known better.  IMO they failed you.