Rearing To Go

[Jayank1]

Hello all, have been lurking and learning for a few months from the wealth of information and knowledge gained from fellow members on these forums. First time home buyer about to sprint out of the blocks. myFICO scores:

TU:734, EXP:707, EQU:689 - 9/3/16

TU:785, EXP:735, EQU:724 - 1/12/17

TU:763,EXP: 695, EQU:686 (mortgage scores)

Four credit cards - three reporting zero balance, one will fall to 8% utilization at the end of this month (hoping mortgage middle score will leap to 700s' then), $26,000 student loan in IBR, monthly bills with DTI in low 30s', annual salary in high 40s'. I have one collection due to fall off October this year, sent PDF and they ignored it and resumed reporting to two CB which has the collection listed on my report. I will continue to play the waiting game and will not make any further move to remove this revengeful act from an apartment leasing company.

Attempting to securing any and everything available to first time home buyers, including down payment assistant. Should I go FHA/conventional 3% down. Any member with information or recommendation on gentle DCA lenders/LO in North Atlanta can pm me please.

[ShanetheMortgageMan]

With your scores and down payment amount, FHA will offer the lower rate & payment.  However, FHA's mortgage insurance would be for the life of the loan (vs. convenitonal which would drop off).  This would make conventional a slightly more attractive option if you plan on having the mortgage for a long time (over a a minimum of 15 years).