I do not see anything negative except your scores are under 620. Pay everything on time from now till forever. You should easily qualify for an FHA loan.
Hello once again, this question goes out to anyone who might just happen to be a Mortgage broker or into real estate.
I currently live in Michigan and if you have read any of my other posts you will know I am looking to buy a house in Jan-Feb of 09. I am hoping to have my scores up to 620 by then, maybe higher.
All of my debt will be paid off in November - December of this year so my debt to income ratio will be ideal and I should have 20-25k in the savings.
The homes that I am looking at in my area range from 95-110k, do you think I would have a chance at getting a mortgage for this and would it be at a decent interest rate? Down payment percentage?
At the time I apply (if I don't stray from my current ways) I will have not had any baddies for 2 years. I also make around 60k a year. Any help is appreciated!
Anyone a Mortgage Broker from Michigan that might be able to add a little more insight? Thanks!
Exactly, it's impossible to predict what interest rates and mortgage trends will be in 12 months' time ... wish I had that crystal ball to tell me when to refi ...
Sounds like you'll be in great shape, just make sure you stay on top of your debts and follow the market as much as possible regarding home prices and interest rates so you can get the best deal possible.