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Mortgage questions and scores.

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amclaughlin42
Regular Contributor

Mortgage questions and scores.

I will be applying for my first home loan in about 6-9 months time frame. In that time frame I hope to have boosted my score from a 625 to 750. Based on the myfico score generation all I need to do is just pay down my credit card, and keep paying my bills on time. 

 

What is considered a good score for a home loan?

 

We are looking at FHA home loans. But we are considering a modular home. We live in a rural area. We are hoping to purchase some land outside of the small town we reside in. There is a tax deed and forclosure auction coming up, land goes for as little as $800. 

 

Are there any restrictions as far as Modular Homes and FHA loans? We are hoping to have $7000 to put down by early May 2016.  

 

Also, I have only been at my current job for 3 months. But I have been in the same line of work Since September of this past year, for practically the same company. But different locations. 

 

I am married, but I don't plan on having my wife on the home loan. Her score is much lower than mine.As well as she is a stay at home parent to our children. And we both intend to keep it that way.

 

I have a car payment that is higher than Id like at $450 a month and I have one credit card with minimum monthly payment of $25 a month. Now, I know that is only 2 lines of credit.But come that time they will have both be paying on them for a year. I have had solid employment for 2 years now, going less than a week in between jobs. 

 

My first job was Walmart, I know thats only part time but I work there from July 2013-September 2014

My next job was at place that makes seats for Toyota, September 2014-April 2015

My current job is at Toyota through a temp company(Its the only way to get your foot in the door there) April 2015 - Current.

The only time I plan on changing jobs is to go from temp company to a position with Toyota. 

I have worked in factory work for practically the same company since September 2014. 

 

I know how often you work at a place depends on things. 

 

But I think its possible to get an FHA loan under these conditions. I have no judgements, collections or forclosures. I never intend to have any of those either.

 

Due to my work history, is it very possible to get an FHA home loan?


Cards: CreditOne AMEX - $600, Cap1 QS - $500, Avant-$300, Cap1 WM Store - $300
GOAL - Chase FU - Goal Score 725
07/2021 - Experian 675 Equifax 673 Transunion 688
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