is it possible to get accepted?

[ashley5031]

If i have a current score of 641, 2 paid off charges off a,nd  a open cc with a $20 balance/ 1000 credit limit has been late in the past but currently on time for the last 6 months and $8000 student loans in never late . I make 75000 yearly and im trying to buy a condo in miami for around 150,000 do i have a chance at trying  to apply for a mortgage?

[StartingOver10]

Most of the condo buildings here in S Fl are not FHA approved - which means you would have to get a conventional loan and not a FHA loan.

Some of the condo's have a down payment requirement that has nothing to do with lender overlays - it is strictly a condo document regulation. So when you are looking for a condo to purchase, make sure to have your Realtor check the condo documents immediately for a minimum down payment requirement. 20% minimum is typical for those condos. Over the past five years more and more condo communities have instituted a minimum down payment requirement as a result of the f/c issues.

Having said that, some do not have the down payment restriction.

For conventional loans, it is possible to get a loan with your score, but difficult. Do you only have the one open cc?

[ashley5031]

yes i have one open credit card

[StartingOver10]

Since you have 8 student loans reporting, what is the total payment on your student loans per month? The monthly payment needs to be included in your DTI.

Because you only have one open cc, you might benefit from a FICO perspective by opening one more card, possibly two, but it is best to keep all cards at a zero balance but one. Keep the one card you do have reporting at less than 9% of the credit line (you's is less than that now which is terrfic).

I am only suggesting this because you only have one card reporting right now and 8 installment (student) loans. From a mortgage perspective you have enough in tradelines, but your score can be optimized by having another open cc. Don't get a department store card. Check the cc forum for a cr card that is easy to open and that won't automatically charge you a monthly fee so you can keep the balance at zero.