Hi all,
I will be moving out of state for my job in 2-3 months and want to purchase instead of rent (first time I'll be going through the home buying process). The loan originator I spoke to in the state I'm moving to said I need a 640 for a FHA loan and a 650 for the home buyer assistance program. I'd like to apply for a FHA loan, but I'm worried about a few things on my credit report. See below and please let me know if these things will stop me from being approved.
1) Credit Union Car Repo, November 2015: they sold the car and there's a remaining balance of $6438. It still gets reported as "charged off" every month on Experian.
2) Kay's Jeweler Card: shows as closed as of April 2016 and stopped reporting as of that date as well. Balance shows $0 (I owe them $945).
Some background info below:
-I make $69,000/yr
-I have $10,000 in savings
-I'm able to take out $2500 from my 401k
-my mortgage scores from myfico.com are 665 (equifax), 661 (transunion) and 649 (experian)
Current accounts:
Capital One Auto Loan: $355/month, $18790 balance
Discover: $750 balance, $3300 credit line
Cap 1: $0 balance, $600 credit line
Cap 1: $0 balance, $1000 credit line
Fingerhut: $0 balance, $500 credit line
Major financial corp: $0 balance, $5000 credit line
Thanks for your time!
