Possible or Should I wait?

[Anonymous]

I currently have the following Fico Scores , Experian 634, Equifax 607, Transunion 631. My wife has fico scores all above 750. We have about 6k in student loans and no other debt. I have no negative history over the past two years, but before that I had some bad dept that I cleaned up. Our combined income is just about 110-115k a year....stable work history. We have over 60k invested in stock/mutual funds, 15k in 401k, and about 10k in savings. My question is would we be able to qualify for a loan from BOA/wachovia and if so what would be our approx. rate? Required down payment? We are looking at about 200-250k mortgage. Could I or should I go for an FHA loan? Any recommendations? Should I rent for another year and work on the credit score? ME: 634,607,631 Wife: 761,763,756 Debt: ~6k student loans Assets: 60k stock, 15k 401, 10k savings Target Mortgage: 200/250k Thanks for the advice in advance!

[BrianB_The_Loan_Professor]

You should look at an FHA loan with those scores. It sounds like you would easily qualify provided fha loan limits meet your needs in your area.

Your score will not matter with an FHA loan like it would with conventional. The only reason you would probaly want to consider a conventional loan these days is fi you were putting a large 10-20% down payment. If not FHA will have a better rate and lower monthly MI. AND you wont get dinged in your rate because of the scores.

Good Luck

Brian