Hello..
I first want to say Thanks! to this board..In September of 2007 I first started taking control of my credit and reading this board every day..
My husband and I at that time had scores in the very low 500's and high 400's..I took all the great advice I read here and as of today he is in the mid 600's and I have a mid score of 618. His mid is 632.
So it is possible to raise your score in just 6 months. We raised an average of 150 points in that time.
And the best part is as of several days ago, we spoke with a Mortgage Broker who ran our credit. Asked for paystubs, records etc, we looked at some houses and when we saw one we liked he ran the numbers and we were instantly approved via automated underwriting.
We put in an offer, signed all the mortgage papers in about an hour..The Seller accepted and we close on the 30th of May..
No jumping thru hoops. no letters of explanation needed..The craziest part is just from what I read here I surely thought I would not be approved due to the many lates within the last 12 months, (Last one being in Sept 07) 1 Judgement, and older charge-offs..But we were approved for FHA 30 yr. fixed at 6.5% for a 220,000 home. Seller paying 6,000 concessions,and we have 8,000 out of pocket.
The Broker said the only lates that matter with FHA are Mortgage lates of which we didn't have because we rented.
I had no luck with any of the goodwills I wrote so that was frustrating..But just wanted to give some hope to others who may be in the same situation..Dont give up..Pay down your credit cards..Dispute any thing inaccurate and pay on time..which we will always do from now on!
Thank You again to all I have learned from...
