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@mlb2009 wrote:
Can anyone provide the name(s) of FHA lenders that would accept my qualifications? I've been doing TONS of research on guidelines, my scores, etc. My husband and I want to sell our current home within the next few months, and purchase a new one that will cost $150k-$180k. Ficos: EQ 576, TU 582. DTI ratio with current mortgage: 33%. 6+ years work history with same employer. Downpayment funds available: 10-14%.
Your going to have to get your scores up. Some lenders advertise they do down to 580 but depending on your EX score you may not even have that and that's the bare minimum by FHA guidelines. Most lenders won't go below 620 with a lot having 640 as the bottom. With you being at best a 582 middle the new INQ alone on the loan app is going to drop you below minimum score. I hate to be the bearer of bad news but your going to have to up the scores a good bit before it's possible.
I think it is better if you show a consistent payoff history. On MyFico there are simulations you can run to see if you pay your cards off in a certain amount of time the different ways your score will look. There may be also other things keeping your score down as well.
@techgirl wrote:I think it is better if you show a consistent payoff history. On MyFico there are simulations you can run to see if you pay your cards off in a certain amount of time the different ways your score will look. There may be also other things keeping your score down as well.
That will help but what is really keeping your scores down? Lots of lates, collections, judgements, and liens can all be deal breakers depending on the details. What kind of derogs do you have?
"only a few lates"??? That would be it right there. And in the last year?? Lates show for 7 years. Not only is it dragging your score down, but an UW will wonder why you were late. Either you aren't managing your payments or you can't afford them. Either way, doesn't look good when you want to buy a home. Best way to raise your scores is NEVER be late EVER again. That's it!
Also, that 5k CC, what's the limit? If you're using more than 30%, I'd get it down. The only thing that can really help you now is to do those things, and time.