Finally started the home building process

[homeinfuture]

Just signed the papers and picked our lot to build our neww home.. Thak you to this forum for all the help in making this happen. I still have 2 collections 1 medical and 1 credit one charge off with midland to pay but the LO said that I just had to pay them before closing in 6 months. We are doing an FHA loan with a mid score of 601 hopefully it will be higher in 4 months when they lock in my rate. 

[Anonymous]

Congratulations!

If I may ask, do you know what kind of interest rate you are looking at with your current scores?

[homeinfuture]

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@Anonymous wrote:

Congratulations!

If I may ask, do you know what kind of interest rate you are looking at with your current scores?

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Right now as it stands my LO says he can get me in at 4.5%

[Anonymous]

I thought  the middle score needed to be at least 620 for an FHA loan?  Please correct me if I'm wrong.  Thanks. 

[Anonymous]

I read somewhere recently that 'officially' its 580, but some lenders in certain areas are requiring 620.

[homeinfuture]

My lender goes down to a 580 with stricker guidelines. I am working on getting my score to a 620 or better so that I will get a better rate.

[Anonymous]

I know this is quite old, but did you close on the house? did your score go up?