Re: Would I qualify for a mortgage?
09-28-2012 07:56 AM
I'm not an expert, but just from my experience that recent late payment is most likely going to be automatic denial for FHA loan. In my opinion I would take the next 6 months to pay down the balances on your credit cards, this would give you a score bump. Hopefully the collections will accept your PFD =) I started 2 years ago with a 580 score, 16 collections, 90% utilization on my credit cards. I'm now at 3% utilization, 2 paid collections that won't budge with goodwills, and a 712 score. I say work at it for 6 months and you will be in a much better position for approval! Good luck =)