Would like to go the FHA route with a middle mortgage score of 613.
Negatives:
*Judgement for Credit union credit card July 2014. Paid and resolved immediately.
*Private student loan in Collections through US Bank. Have fulfilled payment plan to collections agency for over 1 year
*Private studen loan Charged Off through Chase
*Federal student loan late payments (currently in foreberance) Last late payment over a year ago.
Income 100K...Home purchase price 200K or less.
Credit cards in good shape, DTI is okay even with foreberance loan added in.
How much would we need to put down for an FHA down payment and how much cash should we have in reserves? I was working with a loan officer but he told me there was really no way of knowing until we went through the approval process. I don't want to do that until we have all of the cash in the bank that we need. Thanks!
