Advice on a FHA Loan

[Anonymous]

Would I qualify for a FHA Loan? My FICO mid score is 622. On my credit report Car charge off Feb 2002 CC Charge off March 2002 Collection Account 2002 Collection Account 2004 (Medical) Collection Account 2004 (Medical) 3 Current Credit cards all 100% on time no late pays Car loan paid off in 2004, on time no late pays. Some websites I read they only back 3 years.....is that true? Thank you

[Anonymous]

Sorry forgot to say I have been in my job for 6 years, making $59,000 a year.

[nicemann]

Umm...not sure about the three year thing.  If so that would be great me for too.

[Anonymous]

How did you get your score to go up like that?

[Junejer]

Jimmie, do you have the ability to get your uti down on those CCs? Three at 100% uti is killing your scores. I think that you could expect a nice increase 60-100 points if you could get to 1-9% uti.

[demi]

I was just approved, 3 years and a couple of months out of 2 collections (paid), plus several lates, but none in past 3 years and 4 months (started debt management in December 2004, 5 months left). Score a little higher 670-680s, but my understanding is that doesn't count much. I had one collection that as I paid, under agreement, shows 90+ days late every month up until Nov when it was paid off, only on Experian, which I am still fighting...They ran all 3 credit reports, but the loan only speaks to Equifax.

[ShanetheMortgageMan]

---

JimmieH wrote:
Would I qualify for a FHA Loan? My FICO mid score is 622. On my credit report Car charge off Feb 2002 CC Charge off March 2002 Collection Account 2002 Collection Account 2004 (Medical) Collection Account 2004 (Medical) 3 Current Credit cards all 100% on time no late pays Car loan paid off in 2004, on time no late pays. Some websites I read they only back 3 years.....is that true? Thank you

---

FHA really only looks back 12 months for minor derogatory items such as collections & charge-offs... major derogatory items like bankruptcy, foreclosures, tax liens & judgments are looked at further back and with closer scrutiny.  From what you've written out it doesn't appear your negative credit history would hold you back from qualifying for FHA.