Mortgage advice

[Anonymous]

I've improved my credit from 495 to 658 since October. I've spoken with a mortgage broker and she feels confident that she could get me approved right now for upwards of $500,000. The house I am interested in is around $325,000. I'd like to know if being approved is realistic for me right now. My problem isn't so much negative things on my report but lack of credit. I make around $130,000 a year and my only debt is an auto loan (20,000) and a loan against my retirement. I have one late (last July) on my auto loan and she said that I could use insurance payments and 3 other monthly installments to show my credit history. Any advice would be greatly appreciated.

[H-B]

She can create manual Tradeline. One late payment is fine. Do not pull your credit again. 

[Anonymous]

It really depends on the type of loan you're trying to get. 658 isn't an awful score. You may get dinged slightly on your interest rate, but waiting long enough to get your score up to a good spot could mean getting a worse rate down the road due to market rates continuing to climb. Rates have risen nearly 1% in the last 6 months alone. You have to decide if you want to risk taking a higher rate now with your current credit, or gamble on a better/same/worse rate 6-12 months from now.

I'd also consider shopping around without a broker. May be a little more work, but they cant provide the customer service that a lender can. Just my opinion.

[Anonymous]

She pulled my scores yesterday and I was actually around 670. She said that she thought everything looked good. I am waiting for the seller to reply to my offer and then I am assuming it goes to the under writer. I had no idea this was so stressful!