My husband's middle fico score is at 617. Hoping for a boost shortly when one TL reports for July since we paid down a cc from 100% utilization to under 10%. But not sure how much of a boost we will see. Anyways, we found a new construction that is listed at $214,900 that we would like to purchase. My husband makes $7600 per month and our monthly debts are cc and car payments which total around $950 per month - the car payments make up $850 and minimum payments on cards are around $100. No baddies on credit report like no collections, no public records, no foreclosures, etc. We do have a couple 30 day late payments on a couple credit cards. We don't have any reserves - hubby just enrolled in 401K but don't have any money built up in that yet. He has been on the same job for 3 years. I wanted to get an FHA loan since that isn't score driven and use a 3rd party program (Ameridream) to help us with downpayment but in our county the cap for an FHA loan is $200,100 so that is not going to work for us on this new construction since asking price is 214,900. With a 617 score, is there any chance that any lender will do an 80/20 or a 30 yr fixed for us or will we have to wait for the middle score to go up? Any advice/suggestions are greatly appreciated.
Thanks!
