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FHA loan - Poor credit and high revolving accounts

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New Visitor

FHA loan - Poor credit and high revolving accounts

Will I be approved (or atleast have a chance) for FHA loan?

 

Credit scores: Experian 590 Equifax: 611 Transunion: 660 (3 late 30 day payment accounts last year)

Revolving credit card debts: $32,000 ($1200 monthly payments)

Car payment: $550/month

Income: $103000 (steady job. Been with present employer for 3 years)

Target loan amount: $280,000-$300,000

 

I live in Houston, TX. Any help if greatly appreciated. 

8 REPLIES 8
Established Contributor

Re: FHA loan - Poor credit and high revolving accounts

No car payments or student loan debt?
Message 2 of 9
New Visitor

Re: FHA loan - Poor credit and high revolving accounts

Just edited my post. Car payments about $550. No student loans

Message 3 of 9
Valued Member

Re: FHA loan - Poor credit and high revolving accounts

What are your min monthly payments on all your credit cards? That is factored into your DTI ratio as well.

 

*Edit* sorry I just saw what you posted above.

 

Looks like with a 300k loan at 4.5% APR you are sitting on a 41% DTI ratio. I'm not sure if your credit score would allow lenders to push your DTI that high but maybe others could chime in.

Message 4 of 9
Valued Contributor

Re: FHA loan - Poor credit and high revolving accounts

Are these your mortgage scores? Do you have funds for DP and closing ? Can you pay off some of that CC debt ?
Message 5 of 9
New Visitor

Re: FHA loan - Poor credit and high revolving accounts

These are Fico 8 scores. Yeah my goal is to pay half of that revolving debt by end of the year that will leave me without any money for DP and closing. My target date to buy a new home is july/Aug 17 which buys me time to save some money for DP and closing. 

 

I am working with a lending company (suggested by a co-worker). They are providing me a free credit repair consulation to increase my score in short period. 

Message 6 of 9
Established Contributor

Re: FHA loan - Poor credit and high revolving accounts

Make sure the credit repair company is not just going through and disputing things as those disputes can cause issues during the loan process
Message 7 of 9
Valued Member

Re: FHA loan - Poor credit and high revolving accounts

Be sure to get your mortgage scores--not the FICO 8--since there's a very good chance that your motgage scores are different. Those scores can be obtained via myFICO, but you'll have to pay for them.

Message 8 of 9
Valued Contributor

Re: FHA loan - Poor credit and high revolving accounts

Absolutely agree with Firemediiii, disputes must be resolved and even the comments which remain after resolutions removed . Best bet is to GW those 3 lates over and over every week! Also get your UTI down to one card with <10 % reporting and you will get a huge jump in scores
Message 9 of 9
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