Chance of mortgage approval?

[Anonymous]

1. Mortgage Credit Scores:  EQ 686, TU 691, EX 662
2. Credit Negatives:

• Type: Collection- $50
• Status: Paid
• DOFD: 06/15
  
  Type: Judgement- $277
• Status: Paid
  DOFD: 09/10
  
  Type: Judgement- $551
  Status: Paid
• DOFD: 09/10
• Miscellaneous:
• Less than 24 months of established credit
• Thin credit file generally defined as less than three currently reporting credit tradelines-
  I have recently opened 2 credit cards (09/15, and 11/15) as I previously had no credit reporting whatsoever as of Sept. 2015 and had a 0 score.
• ALSO: Are the myfico mortgage scores listed above accurate as I have previously read that it will take at least 6 months after opening a line of credit for it to generate a fico score, and I am seeing my mortgage fico scores here on myfico.com.  In early Sept of 2015, I had no credit score, opened up a card late Sept. and another one mid- November).Would it generate a score earlier since I have previously had an auto loan (2008), but no lines of credit since? 

1. Gross Income.  $40,000
2. Source of income.  Employment
                                           $17/hr.
                                           Regular OT - usually 4 hours/week
3. Monthly debt payments. None- Only monthly debt is on credit cards, and the balance is under $50 and paid in full each month.
4. Employment - W-2, Full-time, 3 years at job, 20 years in industry
5. Assets/Reserves. Savings- $7000, Checking $500
6. Location: Ohio, Henry County
7. Property Description:  Single family house, rural
8. Property Value.$75,000-85,000
9. Occupancy.  Primary residence, 6 people (2 adults, 4 children)
10. Transaction Type.  Purchase

[Imperfectfuture]

USDA direct. Wait for 6/15 paid to be 12 months old.

[Anonymous]

12 months from the paid date, or from the filed date? 

[Imperfectfuture]

Paid date.

[Anonymous]

What do you think the chances of getting approved for an FHA 203(k) would be right now? The house we have been wanting for several months is about to go back up for sale very shortly. We were approved for an FHA 203 loan back in September, and at that time we had a 0 credit score. The only thing holding us back from getting the house was that there were some repairs that needed done, and the seller would not negotiate to have them fixed. Since then, they foreclosed on the house and the bank bought it back.  Now, my score is built up. 686 middle mortgage score (as of 2/10). Hoping to get the FHA 203 (k) or a conventional with 3.5- 5% down. Do you think we have a shot right now?  I hate to lose this house, it's exactly what we have been looking for, and nothing at all we are even interested in in our area.

[Anonymous]

bumping- Also wondering if a HomeStyle Renovation loan may be a good option for us?