What do you think?

[Anonymous]

DW and I have been rebuilding our credit for the last several months.  We have made great progress and are getting close to being ready to apply for a mortgage.  This is where we are now.  What do you think our chances are of being approved?

Scores:

DW   661  Mine  666

        647           599

        654           673

Price of home $200,000

Our gross monthly income $5344.00

Debt:    student loans $200.00 month

            credit cards (normally we keep under 10% so all min. are $45.00 total

            No car payments

I think that is it besides utilities etc.

I have a few medical collections.  Last one being 1.7 years

Wife has one collection 2.9 years ago.

Last late was 24+ months

Have 3K for reserves & another 2K in savings

DW same employer 7 years

Me 1.3 years in current job, 15 years same field

Have all required docs. tax returns last 3 years, W-2's, pay stubs, bank statements.

Curious as to what everyone thinks our chances are. 

Thanks to all!!

[Anonymous]

you can come up with the 3.5% down and either get seller to pay closing costs or you come up with that too you should be good.

[WannaHouse]

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@Anonymous wrote:
you can come up with the 3.5% down and either get seller to pay closing costs or you come up with that too you should be good.

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Ditto! All looks good to me as well.

Good job!

[Anonymous]

Thanks everyone.   I hope we can get our scores a bit higher before we actually apply.  Its a scary thing to think about when you watch the news.

[Anonymous]

Your scores are in fine shape for FHA.  I believe anything over 620 midscore and you get the same rate so you should be good to go.