I'm very excited about the prospect of buying a home and stop wasting my money on rent. As I understand it, now is a good time to buy but I have credit issues. I've paid off all past due collections on my credit report, but I was unable to pay for delete for most. My credit scores are EX 615, TRU 620, EQ 640. I make $39K per year and only have one credit card (J.C. Penny's credit card) that's always been paid on time - I gave it to my mother way back when I was in college - and besides utilities and rent, it is my only debt now. In the current house market I'm looking for 50 - 80K for a home taxes at 3-4K per year. I should have $3,000K saved by January.
I am currently rehabbing a 30K defaulted student loan at $350.00 per month and I will finish that program in March. Also I had a collection account opened on my credit reports 4/08. In addition, I will make two years on the job in April. I was unemployed/worked part-time for 6 years prior after a lay-off.
My question is, will I have to wait until April to qualify for a FHA loan? I'm fine with waiting, I just don't want additional inquiries on my CRs if I won't qualify - and I'm afraid I'll miss a good deal on a home.
