Ok, so I have done tons of work recently on my cbr, and in the last 14 days broght my lowest score EQ to 625 from 561. I have been working at qualifying for fha so I went to the lender today. (nothing else can be done short term have to wait for 4-6 y/o baddies to fall off for the rest.)
When I told him where I was at he said that FHA was good but 3% downpayment isn't always the best. Said if my middle score was 620 or higher it would be better to go USDA and get 100% plus then if we negotiate and have the seller pay the closing costs more cash still in pocket.
So we pull
EQ 625 (no surprise) EX 630 TU 642!!!
Said that the funding would be from JP Morgan Chase and that they almost never resell.
Gave us a quote of approx 6% but that the rates adjust multiple times a day until we lock so he can't give an exact quote.) But if it was 6% we would be paying a whopping $46 more than we pay for rent right now. (total PITI)
Said the only thing they MIGHT want me to pay first is a Judgement for $853 from 2004. And since I don't have to have my down payment I can pay that off immediately if need be. He said that he could push it through in as little as 30 days if need be but emphasized again since all 3 were above 620 I will have not problems. Over 2 years employment with the same employer, No lates in the last 3 years...no problem at all...
OMG this is soooo awesome. (paying off credit cards and keeping your nose clean for 3 years...it's going to get us in a house in the next few months.) And it is a buyers market around here....woohoo! Now we just have to decide which house we want to buy. (We have 2 that we want and one that is a defiante frontrunner but we still have to look at them. )
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