I know you all can't give a "definite" answer, but through your expierence I wonder if someone can give us some advice.
Here is our story......
We have income of $140,000 combined and mid score of 550 for DH and 530 for myself. He is majority wage earner of $120,000 alone. We are considering also just his name on loan. We have 3% down and are first time buyers so going for FHA Loan. We are looking at homes in the 300,000 - 320,000 range. Our debt to income ratio is 20%.
Credit - We have lates....our studen loan shows in the last 24 months significent lates. (can provide explanation). Trying to get removed thru goodwill letters and arrange something with student loan agent. Worst care scenario lates will reman. A few more lates on credit card that is now paid off...again GW letters.... 5 collection accounts all paid 0 balance, again GW letters. Everything derogatory is paid. Nothing with open balance except on open accounts.
Only luck so far with GW letters is a removal of a charge off to collection.
Good accounts - We have a car loan and several revolving lines that are all below 10% ratio.
There are a few homes that are great prices here in CA and financially we are more than ready to buy. Our credit history doesn't exacly show that.
Any advice from anyone in similar boat????? or been thru this..... and with credit scores like this what was interest rate...and were you able to buy down??
Thanks!!
Carrie