I know this is a question for my Mortgage Broker but thought I would post.
I was pre-qualified as AU approve-eligible 6 months ago -Conventional w/622 Mid Score with 5% down on 315K purchase. I recently sold my house and paid off car, two mortgages which ended up dropping my mid score to 594. I now only have One open cc account w/ $23 bal- $600 limit
I advised my loan officer who stated that we should be ok gong with FHA. We are building so it won't be done for another 4 months.
Will qualifying ratio's of 37/38 be acceptable under FHA guidelines these days?...Trying to get scores up over the next few months to go another route but I think paying stuff off has hurt me.
