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I sold my home of 24 years (never late on the mortgage) in August 2016 and have been in a rental since. Never worried about credit, due to the fact, if we didn't have the cash we didn't purchase anything except for a car many years ago ( I was late about 6 times on a four yr loan). My scores dropped a good bit due to paying off our mortgage and moving to a new rental address, Although they were not great to begin with. My mid mortgage fico score is 661 and I will be putting 35-40% down. Will I get approved and should I go conventional or FHA for the best rate? Also I make approx. 125,000.00 a yr. My only debt is 61.00 dollars on a credit card. Thank you!
Conventional won't have mortgage insurance like an FHA loan would, but it will carry a higher rate than FHA. You should compare both options. With the large down payment and if your debt to income ratio is low enough, there'd be a good chance you could get approved for either (even with a series of late payments). If the large down payment eats up your reserves, then your loan officer could try with a little lower down payment and thus it'd increase your reserves (sometimes it can be a balancing act on what will get approved or not).