First time home buyer score question

[Anonymous]

My fiance and I are looking to purchase a house soon (plan on applying for an FHA Loan).  My credit score has been blemish free for a little over 12 months - however in the past - I have had late payments as well as COs on my account that have since been paid for.  Right now my middle score is 662 - I have one CC (i charge items to the cc but pay the amounts off by the end of the month) as well as a student loan payment - My salary is about 67k.  My Fiance's salary is about 90k, has a card that he also pays off by the end of the month and has student loans to pay but has a very good credit score.  I guess my question is - even though my score has risen in the past 12 months from paying my bills on time etc - will I still get rejected on a loan due to my bad history? 

[rockymtngrl]

That is really going to depend on what kind of baddies and when. 1-30 day late 12-24 months ago won't be a problem. Mulitple lates going 60-90 days late and CO 12-24 months ago could be a problem.

[Anonymous]

Thanks for the reply!

I had an issue with my student loan company -it was my fault, I guess I didnt hit confirm or something when I scheduled the payments months in advance - and thought the money was coming out of the account designated for that, so I have a 90 day 14 months ago (90 day times 3 since my student loans were not consilidated at that point).  The CO's occured in 2006 and March 2007.

[WannaHouse]

"90 day times 3 since my student loans were not consilidated at that point"

 This MAY be a problem, butI would still give it a shot. Maybe they will just let you explain what happened.

Good luck!!

[ralbusta]

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@Anonymous wrote:

My fiance and I are looking to purchase a house soon (plan on applying for an FHA Loan).  My credit score has been blemish free for a little over 12 months - however in the past - I have had late payments as well as COs on my account that have since been paid for.  Right now my middle score is 662 - I have one CC (i charge items to the cc but pay the amounts off by the end of the month) as well as a student loan payment - My salary is about 67k.  My Fiance's salary is about 90k, has a card that he also pays off by the end of the month and has student loans to pay but has a very good credit score.  I guess my question is - even though my score has risen in the past 12 months from paying my bills on time etc - will I still get rejected on a loan due to my bad history? 

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Just closed a FHA loan for $186,500 with a mid-score of 692. I had three chargeoffs from '06 and a collection from '07. Also 2 30 day lates on a closed auto loan from 2005. Had no problems at all. No letters of explanation needed, also did not need to provide rental history or anything. Approved with 64K income, between my wife and I we do have 6 open accounts. I don't see why you shouldn't get approved.

[WannaHouse]

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@WannaHouse wrote:

"90 day times 3 since my student loans were not consilidated at that point"

 This MAY be a problem, butI would still give it a shot. Maybe they will just let you explain what happened.

Good luck!!

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PLEASE don't take this as a reason to not try! With your combined income, you may be able to overcome some big hurdles.    I would definately try. Don't let your dreams die because you are scared.