Should I try to get a pre approval now or wait?

[Anonymous]

I have so many things stopping me from getting a house right now but I at least want to know if it's worth getting my credit report looked into so I can know what to fix by then.

My scores are Eq. 654, Transunion 700, and I checked my Experian back in August and it was a 608. I'm sure Experian is much higher right now because I got a 40 point raise this month from Equifax alone. After I graduated college in Dec. 2013, I had an 8 month gap in employment. Fortunately,  I just started a new job in August and I'll be bringing in 33k.

My baddies are a collection of $436 from my old apartment for cleaning expenses.

My old mortgage shows a $0 balance but it has several 120+ days late from 2014. I sold the house back to the lender in April 2014.

Chase shows a charge off balance of $2000 but they sent me a letter a year ago trying to settle for $500

I currently have my student loans in deferement and I have 3 inquiries (2 within the last 2 months)

By May, I hope to have 10k saved and I want to try a conventional loan. Im looking to purchase anywhere from a $70k condo to a $125k home in NC... triad area.

My only expenses are a $25 cc, $100 for a cell phone, and $33 for car insurance. I currently live with my bf and I give him $350 for rent 

[ezdriver]

If your objective is to fix your credit, then forget about the scores and focus on the content of your three credit reports. Those you can get for free at annualcreditreport.com once per year. Pulling your own reports will not affect your credit scores/profile in any way.

When you think that you are ready to buy, a loan officer will pull your trimerge report [all three merged into a single report] and you can go from there. Focus on your credit profile ... not on scores.

[Anonymous]

Based on my credit history, will I be able to get a pre approval 6 months from now? I want to know if its worth talking to a realtor.

[StartingOver10]

You just had a foreclosure in 6 months ago, right (April 2014)? 

You won't be able to get a new mortgage from FHA or a conventional mortgage for 3 years (FHA) or 4 years minimum (conventional).

The exception to the above is if you qualify for the BTW (FHA Back to Work) program or can find private financing which usually requires 35% down or more.

[Anonymous]

It's not listed as a foreclosure. Im assuming its a deed in lieu.

[StartingOver10]

:"Selling back to the bank" can be either a Deed in Lieu (DIL) or a foreclosure. You would have paperwork that is signed showing which it is  - in any event, a new mortgage can't be obtained for either the DIL or the f/c for the timeframe above. It used to be that if you had 20% down you could get a new conventional mortgage loan in 2 years from the date the deed transferred back, but that changed sometime in the past year (don't remember the date), the time frames were lengthened to a minimum of 4 years and in some cases as long as 7 years, depending upon the lender issuing the new mortgage loan.

[Anonymous]

I guess my question is why would you want to get back into a house if you just lost one 6 months ago? In my opinion you weren't financially secure enough for a home 6 months ago, has that much changed with your financial situation that you are now in a better position to buy? I think it may be a bit irresponsible of you to try to purchase another home, that is why there are waiting periods, it gives you a chance to improve your lot in life and set you up for success, I think you are just setting yourself up for failure, not being harsh, just being honest.