Thinking of Applying for Mortgage

[73Camaro]

We are expecting our 2nd child in June and our lease is up in May. I am at a point where I need to apply for a mortgage or rent for another whole year. I pulled my 3 score report from myfico today and it says: TU 685 EX 664 and EQ 632. Do I have a chance at a mortgage? I have a medical that should be coming off, and 3 collections that are 5+ years old. No lares/missed in 4.5 years. Same job for 4 years. I guess I don't know where to start or if I should! Any help would be greatly appreciated.

[mebell]

I'm sure you will be able to get a mortgage. Not going to be the best rates and may require some shopping around, but there have been lenders that offered for less. Obviously they will not only look into your credit history, but other factors like income and length of job history. Just know that some lenders probably will not bother with the derogs you have mentioned, however, as mentioned with some shopping around you will get some offers. Best of luck!

[73Camaro]

Thank you. I hope so. Do you recommend shopping around on my own or using a professional?

[ezdriver]

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@73Camaro wrote:
We are expecting our 2nd child in June and our lease is up in May. I am at a point where I need to apply for a mortgage or rent for another whole year. I pulled my 3 score report from myfico today and it says: TU 685 EX 664 and EQ 632. Do I have a chance at a mortgage? I have a medical that should be coming off, and 3 collections that are 5+ years old. No lares/missed in 4.5 years. Same job for 4 years. I guess I don't know where to start or if I should! Any help would be greatly appreciated.

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If you seriously intend to buy a house,  find a loan officer and give them permission to pull your credit reports, review them and give you an opinion based on what your credit profile looks like. Scores on that report are the ones that lenders will use and you have no access to them other than through a lender. The scores you receive from any other source are meaningless when it comes to applying for a mortgage. Also, ask the loan officer to give you a copy of the credit report that they pulled so you can see exactly what the lender sees.

[topa]

I'd call a professional.

BTW - an FHA loan will probably give you the best bang for your bucks given your credit score.