Chances for an FHA loan

[coachb123]

Wanting to build our own house will be using my scores since wifes are yuckie:

My scores 645-575-660, income $52000/year.  Wanting to spend about $200K.  2 collections that will fall off report this year.

[boomhower]

Should be doable depending on a couple factors, mainly DTI.  Your middle score is extremely close to the cut-off.   If you have any CC balances you can pay down to up the score some I would do so.  How long have you been at your job?  As long as you meet the other criteria it should be fine.

[coachb123]

Been at the same job for 5 years.

[coachb123]

Also is there a way we can use her income without having to use her credit?  She makes more than I do

[boomhower]

To use income you must you that persons credit, kind of sucks as I'm in that same boat.

[CS800]

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@coachb123 wrote:

Wanting to build our own house will be using my scores since wifes are yuckie:

My scores 645-575-660, income $52000/year.  Wanting to spend about $200K.  2 collections that will fall off report this year.

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Although your middle score is good (645), I would try to get the 575 to 600 if possible. Im saying that so you get the best rate or the mortgage company might hmake you buy points.

[coachb123]

Yeah that middle score is EQ.  I have 16 inquires that are pulling my score down.  Seems when we started rebuilding our credit, everybody pulled our credit from them.  Not sure of anyway to get that one up.

[CS800]

From what I see on Experians site, once you pass 7+ inq it's counted the same as 15 since. I sue EX's simulator and if my inqs drop from 11 to 0, I will gain 23 points. Again that's from the EX site that Im subscribed to.

[MarineVietVet]

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@CS800 wrote:

From what I see on Experians site, once you pass 7+ inq it's counted the same as 15 since. I sue EX's simulator and if my inqs drop from 11 to 0, I will gain 23 points. Again that's from the EX site that Im subscribed to.

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Remember though that along with a FAKO score comes FAKO (worthless) advice.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[JusdoNit]

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@MarineVietVet wrote:

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@CS800 wrote:

From what I see on Experians site, once you pass 7+ inq it's counted the same as 15 since. I sue EX's simulator and if my inqs drop from 11 to 0, I will gain 23 points. Again that's from the EX site that Im subscribed to.

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Remember though that along with a FAKO score comes FAKO (worthless) advice.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Here! Here!  My Ex fako continually says 708 and all the extra inquiries no change.  My Ex fico from the CU says 669 (43 pts down) from 712 in Sept.  They only pull Experian.  I have had 5 or 6 inquires since then.  All were approved, but to hear my score began with a 6 at all was like a long disturbing echo.  Which is actually in tune with the 8-6 pt drops I have seen on myfico.

I hate paying for incorrect information.