Buying home after Repo.

[Anonymous]

Hello, my husband and I are looking into buying a home around May of this year using FHA. I had a repo back in May of 2013 after I became extremely ill. Since then I've been rebuilding my credit and have a low 600 credit score, but plan for that to be higher after I pay down my credit card debt. Would this repo keep me from getting approved? I make more money per hour but only work 64 hours and I've been on my job longer. We're thinking of me just being the cosigner.

[kc0039]

In a mortgage we use median income scores. If EQ is 790, Experian is 745, and TU is 772, we use 772. If there is a borrower and a co-borrower, we use whoever has the lower mortgage median score. In short, we use your income. You only work 64 hours per week? Per month? Are you also talking about a car repo? The repo won't keep you from getting approved, but if there is a balance and payment in your credit report, we require to count that debt against you. The only thing I see that would be a problem is the score if you decide to go for a conventional loan. Your interest rate would be very high

[DallasLoanGuy]

what is the status of the repo?

collection?

charge off?

balance?