Do I have a chance?

[Anonymous]

So I super nervous but I am working with a lender and she just pulled my credit report and this was the scores that came back. Beacons 5.0 Eq 661, Classic 04 Tu 647, Fair Isaac Ex 621. I'm trying to get a FHA loan and do a home buying program as well (so I can get help with downpayment and closing cost) here in DC. Also I can tell you that I have a lot of inquires unfortunately, so I don't know if that plays a part. I also noticed from the report that my Discover card wasn't on it and I don't know how that will effect things. 

Thanks in advance for any input. 

[Anonymous]

I am currenlty going through the FHA loan process in WV. I had a 616 mid score. I have 3.5% down and 3 months of PITI in cash reserves. I had a 30 day late for $14 on First Premier, I thought the card was closed in Oct 2014 - Also one with Credit One in Nov 2014, my LO said these shouldn't be an issue. I have 7 trade lines open with a utilization of around 37% when they pulled my CR. My front end DTI will be 18% and my back end DTI will be 24.5% with new mortage. I am currently in under writing. I will let you know how it goes!

So i'd say you have a good chance if you DTI stays with in guidelines.

[Anonymous]

Oh ok, thanks. I hope everything works out for you. 

I think your better on the cash reserves than I am though. I have savings but I'm worried it might not be enough. 

[Anonymous]

Lenders won't look at inquiries specifically unless you add more after your pre-approval. FHA minimum credit score requirement is 580, but many lenders require 640. Income, assets, and DTI will also be used to qualify you. If you meet the requirements for those four criteria, and a mortgage is a debt you can afford and are willing to take on, you can move forward.