Will I qualify for a conventional 30yr mortgage with a middle credit score of 691?

[badassmonkey11]

It is true I am finding, but depends on the credit bureau.

My TU MYFICO score went up 30 points after I paid the last chargeoff in full, but my EQ MYFICO went down from 719 to 691. Experian has been the lowest of the 3 for years, so because I only need the middle score I don't even worry about that one. The problem is that my late payment status was updated when I paid off the cards in full and that is what caused my score to drop like that. I have been monitoring my credit like crazy for the past few years trying to rebuild the best way I can and unfortunately all 3 bureaus now say I have a recent late payments because of paying them off in full. I have not had late payments on anything since I first went delinquent on those cards 6 years ago.

Nothing else has changed in my credit profile (only good changes) for the score to drop like that.

[getmycreditright]

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@rehr22 wrote:

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@getmycreditright wrote:

Our credit wasn't good enough to go conventional (mid score 660), so we had to go FHA. We ended up with a 3.375% rate. Now when we knock the PMI out, our payment will rival any conventional loan out there. I'm just happy we got in before the mandatory PMI for the life of the loan went into effect. So for right now, I think FHA is a good option, but after June 1st, I would only go conventional.

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That'a a great rate.

Did you pay for the points?  Are you aggressively paying down PMI or waiting 5 years / 78% LTV ?

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We did not pay for points. We do plan on paying the principal down aggressively to get to 78% LTV, but not until we're two years in. Gotta get used to this note first.

[foofighter74]

yeah, our lender's FHA rate with no points is still at 3.25% as of this morning.