I've been lurking this forum for over a year now and have learned alot while getting my credit back on track. It's been almost 2 years since I have seriously started rebuilding my credit. When I first found this site my middle score was around 465. Now my middle score is 466 and still has been rising couple of points every other month.
I have been on the house hunt for a year and 2 months now. I am preapproved through FHA. During this time I have had my offer accepted 8 or 9 times on different properties. I have had the worst luck when it comes down to the inspection.(I have spent over $2500 on inspections) It was always something major like cracked foundation, roof very old or not installed right, 1 time walked into a flooded basement day after it rained 5 days straight. Sellers was not willing to pay for repairs on any of the properites to make it FHA compliant.
So as of now I am still on the house hunt. My car loan is almost done and over with under $4k left. How will this affect my credit once the loan is satisfied? I would also like to trade my car in before anything major breaks (I drive a 2005 mercedes S500 expensive to fix) and was wondering how a new car loan would affect my preapproval for a FHA mortagage. I would also like to trade my car in before loan is satisifed. I have been getting offers from my bank (Chase) that I am also preapproved for any auto loan.
My Mortgage officer told me my DTI is 26% I am currently making 74K and have employed at the same job for over 9 years.
My only real bills and my car note and car insurance.
Thanks in advance for your input and time!!!
