Should I go for it now or wait ?

[Mzvanessa]

Hi everyone, I have a question for everyone. Should I wait until my BK fall off in Dec, and my Judgment to fall off in March 2013, before I apply for a mortgage? My fico scores range from 650 – 655 don’t know what Experian is.  I am expecting a boost in my score when my limit on NFCU CC post which is over $7000 whoo  hoo which is my largest limit thus far (c: , Please tell me what you think I will greatly appreciate it. I am so ready to be a home owner.

Thanks everyone

[germaine47]

Is your judgment satisfied?  I was approved with a 9+year old bankruptcy. If your finances are in order and their arent any lates in the recent year then I would say your are ready now, based on the information you have given.

[Mzvanessa]

Thanks for your respond. Yes the judgment is satisfied and the only thing that I have been late with was my rent and that was ten months ago. But that is not on my CR but I was told that they request a letter from your land lord.  I do have some paid collections that are on my CR as well. Which is due to fall off next year as well, I am just afraid that they will see that I file BK and got back into trouble years ago.

[germaine47]

My MB didnt touch my BK in which it jut recently fell off.  As long as the collections are in paid status on your report they will not bother them see if CA will remove.  You cannot have any recent lates on CRA's.  I went with the USDA and the only reason they asked for rental verification was I didnt have enough trade lines so I needed to go the non-traditional way. I didnt have enough rental history so I went with the electric bill, as long as you have three tradelines reporting I think you will be alright.   I would get copies of my credit report without having them pulled by the Lender so they can let you know how on point you are.  My Lender required that my Mid-Score had to be 640, I think this makes UW easier and it was their requirements. 

[Booner72]

I was approved with 2005 BK, satisfied judgment, and 13 paid medical collections, and one other random collection.  My midscore was 653.

[Mzvanessa]

Thank you, my fico team members for the good info. I think that I am going to go for it by the end of June. I want all my scores to be udated I am hope for a nice jump. I have four CC and one store card and I am a AU user on a card. I always PIF each month on all my cards I don't even live by the rule to let one post with a small balance. So I think I am going to take that dive sometime in June. I can be paying $1350 towards my mortage and not someone elses.