My husband and I are really eager to buy this summer if possible. Our income is decent, and his time on the job and same field of work are excellent. I am working, but just recently (since September) due to taking a year off to be with our two young children that we have adopted. I am working in the field that my degree is in, and I am hoping that taking the year off won't penalize us too badly. When we apply, we will have 10,000 for a down payment toward a loan in the 130,000 to 140,000 range, and 3 credit cards paid off to zero (the newest card being over a year old). 2 car loans showing, one paid in full, and one almost a year old with no lates. Here is where I think we may run into problems : a car repo on my credit report that is 6 years old and due to fall off my report 7/13. The amount owed is 6,800 and it is past the SOL. I also have Several student loans on my report that are showing closed, balance 0, but still showing several 120 day lates. About a year ago I got them out of default and they are now current with a new loan company. The SL accounts are due to drop off on 11/13. Our scores are in the mid 600's. We are both first time home buyers in VT.
I am hoping some to the experts on this site would like offer their opinions on my chances for a FHA loan?
