Credit score and FHA

[Jess21]

so submitted an application to a mortgage broker, because we want to know where we stand to see how we can proceed cause I am about to renew the lease on our apartment and I just wanted to make sure before I get stuck on a lease again.

my scores:  644       647       616

Husbands:   698    693   (It says he does not have a score available from equifax)   ????????

We are trying to go the FHA route, bc we dont have a big down payment and we still have cc debt.

Does this look ok?

[Anonymous]

I recently got an FHA loan for 3.75% with a middle score of 627. 

I had some 30 day lates in last two years that needed LOE, my DTI was really low even after the new mortage only 20%.

So depending on what else is in your file and what your front end and back end DTI would be, your score looks good.

[Jess21]

thats my worry, we make abot 60k a year but i have a 9k balance on a cc and the limit is 10k,  then another $1,800 on a card that the limit is only $2000 so they are pulling our scores down, it worries me

[Anonymous]

Jess came on and said-

"hats my worry, we make abot 60k a year but i have a 9k balance on a cc and the limit is 10k,  then another $1,800 on a card that the limit is only $2000 so they are pulling our scores down, it worries me"

That's gonna have to be addressed, holding back your fico for sure.

[frugalQ]

The cc debt will only impact your credit score and DTI.  if your DTI is within FHA guidlines, then I don't see how the cc's will be an issue.  Your mid score is already within range for FHA financing.

Now, if there are other negative items on your credit report, they may have to be address...but the cc's alone don't seem like they will pose a problem.