Getting approved for an FHA loan w/ car repo and unpaid cc

Anonymous — Fri, 27 Mar 2020 03:32:05 GMT

Hi all,

I will be moving out of state for my job in 2-3 months and want to purchase instead of rent (first time I'll be going through the home buying process). The loan originator I spoke to in the state I'm moving to said I need a 640 for a FHA loan and a 650 for the home buyer assistance program. I'd like to apply for a FHA loan, but I'm worried about a few things on my credit report. See below and please let me know if these things will stop me from being approved.

1) Credit Union Car Repo, November 2015: they sold the car and there's a remaining balance of $6438. It still gets reported as "charged off" every month on Experian.

2) Kay's Jeweler Card: shows as closed as of April 2016 and stopped reporting as of that date as well. Balance shows $0 (I owe them $945).

Some background info below:

-I make $69,000/yr

-I have $10,000 in savings

-I'm able to take out $2500 from my 401k

-my mortgage scores from myfico.com are 665 (equifax), 661 (transunion) and 649 (experian)

Current accounts:

Capital One Auto Loan: $355/month, $18790 balance

Discover: $750 balance, $3300 credit line

Cap 1: $0 balance, $600 credit line

Cap 1: $0 balance, $1000 credit line

Fingerhut: $0 balance, $500 credit line

Major financial corp: $0 balance, $5000 credit line

Thanks for your time!

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Getting approved for an FHA loan w/ car repo and unpaid cc