Mortgage Loans

[bhenken08]

My EX is 620 Ef 597....TU 575 (TU is credit Karma so who knows if its accurate or not)

2,300 Month income... Under 6% DTI

4 pd collections

2 open tradelines

The house is only 80k

and I have 5k down

Thoughts?

[marty56]

Credit Karma provides FAKO scores which probably aren't by FHA.  I would get my TU score where and also where did you get your EX score?

[boomhower]

I would wait.  Depending on your true TU FICO you may be there score wise. But FHA requires three tradelines so your going to need a non-traditional line.  $5k isn't going to go far. You are either going to need to get the seller to pay CC or take a higher rate to get the bank to cover it.  After the DP you don't have much left in reserve for a visit from Murphy.  I'd wait and boost the score a bit more and save a bit more. 

[rckstrscott]

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boomhower wrote:

I would wait.  Depending on your true TU FICO you may be there score wise. But FHA requires three tradelines so your going to need a non-traditional line.  $5k isn't going to go far. You are either going to need to get the seller to pay CC or take a higher rate to get the bank to cover it.  After the DP you don't have much left in reserve for a visit from Murphy.  I'd wait and boost the score a bit more and save a bit more. 

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^^^^^^

I mean, if you can wait another 6 months to a year, youd have alot more saved and your scores will be less iffy...

-scott