Ch 7 Rebuild update and next steps. Please Help!

[StartingOver10]

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@Anonymous wrote:

Sorry for the typo meant wouldnt qualify for VA or conventional due to no military and ch 7. What scores are needed to get in the lowest rates for FHA? Are they still offering the home buyers credit?

Thanks,

Stephen

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You can get market rates at 620.  FHA mortgages are much less sensitive to your credit score than conventional mortgage loans. At 620 a conventional loan interest rate and PMI rate are possible, but very, very high. FHA has a fixed MIP rate of 85 basis points and when you are approved for the mortgage you are automatically approved for the mortgage insurance. With a conventional mortgage that is not the case at all. You have to get approved for the mortgage and then go for additional approval with the PMI company. 

[Anonymous]

 I am happy to say two days ago I couldn't resist and applied for both the NFCU CashRewards and the NFCU GO Rewards. I was denied the Cash Rewards but approved for the Go Rewards with a $2800 CL and a 18% APR. I am paying down my capital one card and will garden now as I wait for mortgage in next 2 years. 

Thanks Everyone,

[medicgrrl]

Congrats on the new card!! Are you going to close Credit One now that you've got a replacement 😉

[Anonymous]

I am glad you asked. Should I close it down now or will that hurt my score at all?

[medicgrrl]

Without the new card (since it's not on your report yet) it looks like your overall utilization is under 29% with or without the Credit One card so it doesn't appear that it'll hurt your score to close it.