Hi all this is my first post in the mortgage boards and i wanted to share my story!
September of 2011 we decided we were going to be buying a house as our lease is up this june.Upon pulling my CR my scores were in the low 500's. After months and months of work on my CR we met with our lender in febuary and pulled the CR and my scores made it to low 600's. We got our preapproval letter and started shopping around for a house... we looked for about 3 weeks and found the house we loved. It was listed for 159 we got it for 145K and seller pays 6500 in closing cost. i really wanted to get a usda loan but wasnt sure if we were going to get there. On april 1st went back to the LO repulled credit and my scores were EQ614 EXP627 and TU637. so we ended up signing paperwork for fha loan...Needless to say i just paid my CC UTIL from 34% to 8% so i still have a short window to get to that 640. according to the LO credit simulator i will get 12 points (boo). I also found out friday that they sent everything to underwriting (nervous as hell). So cross your fingers that when we do the RR this week i get my 13 points and get a usd loan so i can save 5k and that i make it out of underwriting!!
Good luck keeping fingers crossed for you. I just paid down all my CC from like 50% uti to 5% and got a 15 point jump, if that helps you any.
Good luck! We are currently in the same boat. We really hope to go USDA as opposed to FHA. We income qualify for the direct loan so we do not need to be at a 640, but we do need all our collection accounts GONE and I am still working to get one last account REMOVED and ASAP. (It's under 1k, so it would still go FHA)