Hello, my wife and I are attempting to buy a house. We were preapprived for a $150k loan with a 660 credit score. I unknowingly had something go into collections. (A cell phone account I forgot about.) I called the collector and paid it in full. Now as of next week I will be paying off ALL of my credit cards leaving just my car loan. I am currently at a 603 (the collections takes 30 days to be removed from my account) and need to get to a 640 for my down payment loan. Is the doable in the next month? Also We currenntly make 73K per year. We have found another home for $187K that we would like to purchase. We were pre approved for $150 because the last house we liked was $150K. Do you think that we could get an FHA loan for $187K with $73k as an income and 640 as a credit score?
