financial disaster looking to own a home!

[jaf4776]

So I made some huge financial mistakes in my 20s and early 30s and I have been paying for it ever since..  I am trying desperately to rebuild my credit so that eventually I can buy a home.. Here are my numbers:

FICO (Equifax) is 632

Experian credit score is 632 (medium risk)

Transunion credit score is 657 (D rating)

Equifax credit score is 606

I make $67K a year. I have one student loan for $28K that is paid on time as agreed. I also have one credit card account that was a paid charge off that should fall off my report in october.

What are my chances of getting a mortgage?

[StartingOver10]

Do you have any open revolving (credit card) accounts?

[GRate]

You definitley have a few opportunities to get a mortgage. The main things lenders look for are: Credit score (620 min required), debt-to-income ratio, and amount of down paymen (3% min required). If you are good on these 3 areas, then you have a good chance of qualifying. Your next step would be to get pre-approved by a lender for exactly how much you and afford and be comfortable paying. Contact me for a pre-approval and I can answer any questions you may have. We are one of the top lender's in the US.

 "Mod Cut" to remove direct contact info, because it's against myFICO terms of service. Lightnin- myFICO Moderator

[jaf4776]

I have 2 new credit cards. One with a 500 limit and one with a 300 limit

[coffeepleeze]

You might want to look into USDA Guaranteed loan.  Most lenders might probably require a 640 middle score and you're almost there!  Keep reading the boards and you'll learn Soooo much.  Best of luck!!  

[ShanetheMortgageMan]

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@jaf4776 wrote:
I have 2 new credit cards. One with a 500 limit and one with a 300 limit

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How long have you had each of those credit cards for?  How long have you had the student loan for?

I'd recommend you wait until the charge-off falls off next month before you apply, your scores will increase and the charge-off will no longer be considered by underwriting.

Is your charge-off the only negative, or are there other negatives on credit?