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Hello,
My fiance and I are looking to buy our first home (jointly). We are looking for a single family home in the price range of $130,000-$150,000. I have been working on imrproving my credit for the last month, with a loan officer (He has not been very helpful at all) Below is what we are working with:
1. Credit Scores:
My Score: FICO (pulled today) EQ 623, TU 657, EX 664
-Medical collections from 2010 for $100.
-BOA account (disputed yesterday via online equifax.com). My dad's account. We have same name and address. The BOA account has three 30day lates within last year.
Fiance's: Middle Score 730 (lender pull on 6/27/2013)
-No collections or derogatory accounts
-good payment history
2. Gross Income: Me - $30,000 Fiance - $28,000 (via Full-time employment for both)
4. My debt
- Student Loans - $35,553 total. Approx. $300/mo
- Fifth Third CC - $50 balance (1500 limit)
- Fifth Third CC - $35 balance (500 limit)
- Kay Jewelers - Installment - $340/mo. PIF Feb 2014
Fiance's
-Student Loans - $9,000 total. $100/mo
-Old Navy CC - $1200 balance (5900 limit)
-Fifth Third CC - $300 (1000 limit)
5. Employmentt: I am a Safety Data Specialist with a science company. Employed upon graduation. My fiance is a lab chemist for same company, also employed upon graduation.
6. Assets
-Joint Savings - $5,000
-My Checkings- $500
-Fiance's Checkings- $500
Could please provide any input as to how possible it would be for us to get approved for an FHA loan.
Thank you
Go to FHA.com and you will be able to put in all your monthly income and debt payments. I found that site very user friendly. If you have been approved, let me know how that went. I am getting ready to apply for a home loan myself. Thanks!