Contributor
Posts: 81
Registered: ‎05-18-2012
Re: Would I qualify for a mortgage?

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 =)