08-21-2013 01:05 PM
I've been working on cleaning up my credit before even thinking about buying a home. I'm wondering if I can start thinking about it or if I should keep working on my scores for a while longer. Below is my info...looking for info as to what rates I would qualify for, what amount I could possibly be pre-approved for and any other advice would be appreciated.
Credit Scores from MyFico: EX-674, EQ-685, TU-647 (I have paid down all my cc, but waiting for them to update and hoping that brings my scores back up above 700)
I have one CO with HSBC with $0 balance from 2009. I have one public record from 2010 that is paid. My AAoA is 15 months. I've made 100% of all payments on time for past 4 or 5 years. I am an AU on a walmart discover card that is old so without it my AAoA would be worse I imagine.
My income is 55K gross and I've been at same job for 3 years and at previous job for 3 years also. I have 25K saved up for down payment and all other home buy related expenses. I have a 401K with 10K, but would rather not touch that. I'm not sure what my DTI is, but all I have is car loan at $440/month and credit cards that I generally try to PIF, but usually do leave a balance on some of them.
Location is Columbia County, FL and this is for first home...single family.
I know if I wait another 2 or 3 months, my scores should go up above 700...or at least close to it, but not sure that really makes a difference at this point.
Let me know if I should provide any other information and thanks for any responses.
08-24-2013 12:45 AM
You should probably be fine looking for single family houses up to $200k assuming you have a 5% down payment. I'd definitely wait for your scores to update before you have a loan officer check them (680 is a pretty important level), as the higher the scores you have the better interest rates you could qualify for and if going conventional then PMI will be cheaper as well.
08-24-2013 05:40 AM