First time buyer - FHA

Anonymous — Sun, 04 Aug 2013 19:25:05 GMT

I'm glad I found this forum. I need some advice.

On June 23rd, I toured a builder's property and made an offer on a new construction town home. My credit scores were in the tank (upper 500's) due to poor credit management a few years back. I worked with a Debt Manager and paid off all delinquent accounts, completing this process in mid 2010. When I started working with the builder's lender, I was advised I had a judgment from 2006 that showed up on my credit report. It was not there, nor, did I have any knowledge of it. I worked with an attorney friend of mine who suggested, for the time being, I pay it off so that it would not show as open. I did that.

The closing date was set for July 31 and as a result of a rapid rescore, my credit scores became 658, 610, and 597. They are giving me a second chance and asked me if I could afford to pay down three of my current 5 charge cards. I paid them all down to $50. I am now being sent for a second Rapid Rescore. They advised me that it should raise my credit score by an average of 40 points.

Do you think I will be approved? And, since I am now renting, would you agree I not give a notice until I have the keys in hand?

Home purchase price is $319K. Salary is $126000.

Re: First time buyer - FHA

StartingOver10 — Sat, 03 Aug 2013 22:42:24 GMT

Don't give notice until you are closed, funded and keys in hand.

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First time buyer - FHA

Re: First time buyer - FHA