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@Anonymous wrote:
I'm looking into purchasing a 4BD 2BA home on 3 acres of land. Needs approximately 5-8k in repairs (planning on doing the 203k for this) as everyone knows FHA requires a 580 mid. My bank (I have checking and savings with) offers FHA, I plan on going through them with high hopes they will be my best bet at approval since I bank there. My mid is a 565. I have 2 revolving credit lines with combined balances of approximately $250. I plan on paying these off within the next 3 days. According to the fico score simulator this will boost my mid to a 603 which will make me eligible for the FHA loan. Does anyone know if by doing this it will actually boost my score? Or have any other suggestions? I need to bring my mid up at least 20 points by the first of the month. PLEASE HELP!
^^^FHA guidelines allow mid-scores below 580. However, most lenders want your mid-score to be higher. The best course of action is to ask your banks LO what their guidelines are before you make a mortgage application. Most banks are very conservative now so they tighten up their own guidelines more than what FHA requires.
IMO you would be better off not going with a bank. Use a mortgage banker that originates, underwrites and funds their own mortgages. They only issue mortgages and not checking accounts or any other financial product. Sometimes these lenders are called non-bank lenders.
Check the rebuilding section here on MyFICO too. You don't want to have a zero balance on both of your cards. Let one of them report $10-$20 and the other zero to optimize your score. I have also noticed that there is quite a lag time in reporting by the credit card co's.
@Anonymous wrote:
I'm looking into purchasing a 4BD 2BA home on 3 acres of land. Needs approximately 5-8k in repairs (planning on doing the 203k for this) as everyone knows FHA requires a 580 mid. My bank (I have checking and savings with) offers FHA, I plan on going through them with high hopes they will be my best bet at approval since I bank there. My mid is a 565. I have 2 revolving credit lines with combined balances of approximately $250. I plan on paying these off within the next 3 days. According to the fico score simulator this will boost my mid to a 603 which will make me eligible for the FHA loan. Does anyone know if by doing this it will actually boost my score? Or have any other suggestions? I need to bring my mid up at least 20 points by the first of the month. PLEASE HELP!
I think you need to let this one go. Even if you get your middle score up (assuming it is even a mortgage score you are looking at), you don't have enough money for a down and closing. What is your DTI? Qualifying for a morgage is far more complicated than just a credit score. And as many have said, not many lenders will accept a 580. I would focus on your credit for the next year, and then you will be in much better shape for a mortgage.
I have the 3b. 565 is my mid mortgage score on the 3B. All I owe is $248 on 2 separate cc's. $101 to Capital One and $147 to Comenity. My income is $878 bi weekly. I had 2 accounts in collections that were for $36 and $47 that I paid off last month. They were medical and I had no clue I even owed them until I came across myfico. Car was paid off in March and no student loans or loans of any sort. Just those 2 cc's. :/
I will be "going for it" either way. I suppose I am just looking for the best way to do so. I am well aware that a 580 mid is the minimum for 3.5% and any score below that requires 10. That's why I emphasized raising my score, not waiting. Or another financing method aside from FHA. I just need suggestions on POSSIBLE ways to make it working
@Anonymous wrote:I will be "going for it" either way. I suppose I am just looking for the best way to do so. I am well aware that a 580 mid is the minimum for 3.5% and any score below that requires 10. That's why I emphasized raising my score, not waiting. Or another financing method aside from FHA. I just need suggestions on POSSIBLE ways to make it working
If you have to have this done by end of the month, here is what you are facing:
So yes, it is certainly possible. I believe anything is possible if you find the right route, but it is going to be one hell of a trip to get there. Good luck!