Here are my facts:
- Divorced 4 years ago. Home almost went through foreclosure at that time but was able to catch up on payments. Sold home two years later and have been renting for 2 years.
- Expect to purchase home in 6 months when savings will be approx. $67K - plan to put down 20% on $250K home
- Income is $150K/yr
- Only debt is a car loan for $13K/Expect balance to be $7K when applying for mortgage
- 401(k) balance is approx. $80K.
- FICO score approx. 630. I pulled my credit report last month and discovered a charge-off from a credit card my ex-husband had that I was a co-signer on. Was not even aware of this balance. I immediately paid it (only $200) so I'm hoping my FICO score will improve as a result. The credit card company would still not remove the charge-off from my credit report.
Will I get approved for a decent rate mortgage?