@antdave93 wrote:
Need alitte advice about with route to take in buying my first home, here is a little background, i was pre approved for a fha loan with quicken loan base on the fact that I said i want to put less then the 20 down. the middle score they use was eq at 650. my problem is, a year from now my scores will be alot better with a old judgement falling off and old credit card bill. should i just wait until next year to buy and get the lowest possible rate or go all in this year?
Tell us more about this old judgment - is it paid?
If not, it doesn't matter that it is 'falling off' of your credit report because the title company and lender check the public records to see if you have judgments before they will issue the loan.
If it is paid, then it isn't an issue even if it is on your report except that it may impact your score. Since you are going with FHA, they are not score sensitive at all. If you can get a conventional loan, then do so as the MI will drop off and with FHA it doesn't drop off. You don't need 20% to avoid MI. There are some limited number of programs where you can avoid MI with just 10% down payment.
You would be better off going to another lender (correspondent lender/mortgage banker) rather than going with Quicken IMO. Quicken is good when there are absoluty no issues at all. But when faced with any sort of bump in the road (like your judgment) Quicken just isn't the best lender to work with - their LO's are more application takers rather than well trained LO's. Quicken's marketing is good, but their loan process isn't the best as trained personnel look at your application late in the process rather than right up front.
