FHA credit card closed after approval

[Anonymous]

I counted on my fiancé to pay my credit card so that I could focus on getting my down payment money together since I no longer qualify for the first time homeowner bond in Florida (made to much with overtime). I had a auto draft for the minimum and he was to make a payment for the remainding balance my minimum payment posted but his payment bounced due to fraud on his account on month 1 of approval this didn’t affect my credit it still reflected paid in full bc the credit card company thought it was good I immediately submitted a payment in full called and explained. Month 2 of preapproval he got a new account number and I made the payment with his old account not thinking it was a different account online. Once realized i scheduled a second payment but the other one still went through. They closed my credit card dropped my score from a 647 to a 625. Placed the original high balance although it now paid in full and remark that they closed it. I contacted my broker bc we close February 1st he said he doesn’t know how this will affect us since they have a good credit pull that gave us the approval. It was my only credit card! the simulator in credit karma says if I
open a new card I’ll regain a 640 required for FHA but don’t know what to do I no longer have the 640 required for my loan will they find out? It will show paid in full prior to closing but don’t think I’ll have a 640 if I don’t do something.

[VALoanMaster]

Hi Nurse1231,

This shouldn't matter unless the credit report your broker is using expires & they have to pull a new one.

Ask your broker when the report on file expires & go from there.

[Anonymous]

Are you doing the down payment assistance FHA that may be requiring the 640? Because I literally just closed on my FHA loan 2 weeks ago....with a 613 middle score, no problem at all. I did pony up my own 3.5% down though.

[Anonymous]

Thank you guys for the responses. I made too much so I didn’t qualify for the down payment assistance and came up with my own 3.5%. The broker said they already have a valid credit score and it will not expire by February 1st so we should be ok. I’ve been worried bc initially we were using the down payment assistance (before we found I made to much) and he told me I had to keep my 640. Also heard they would check my score again to make sure I kept it, maybe things have changed since It’s no longer an FHA loan with the down payment assistance?

[Anonymous]

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@Anonymous wrote:
Thank you guys for the responses. I made too much so I didn’t qualify for the down payment assistance and came up with my own 3.5%. The broker said they already have a valid credit score and it will not expire by February 1st so we should be ok. I’ve been worried bc initially we were using the down payment assistance (before we found I made to much) and he told me I had to keep my 640. Also heard they would check my score again to make sure I kept it, maybe things have changed since It’s no longer an FHA loan with the down payment assistance?

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I was told the same thing....that if I were to use the down payment assistance program...I would need a 640 middle score.  Since I also made too much money...I was not able to use the down payment assistance program and therefore...My mortgage score could have been as low as 580 and still qualified for the FHA loan.

Either way, sounds like you should be good to go.  Good luck with everything.  Please report back when you close!!  :-)