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I'm currently shopping for a mortgage either VA or FHA. I am open to either but FHA is where I am leaning due to the fact that I have two 30 day lates within the last year. As I understand this would fall under FHA guidelines. My scores are suppressed at the moment and I will be taking the AZEO approach to improve my scores, mid score of 591.
My utilization is reporting at 80% aggregate based on my report of 1/27 but I have paid down several CC's to zero since the report was pulled. Aggregate totals should update to 14 revolving lines, $10,624 of $22,350 or 42%. The remaining are as follows
Synch/PP 1200/1900
TJX (AU) 944/1400
Khols (AU) 300/1500
Target (AU) 600/3000
Citi 3340/5000
DJewelers 3840/4200
My current home is in escrow and we’ll be walking away with a nice equity sum for a substantial down payment and pay off the rest of what is needed from the above. I am relocating to Texas from California. I’ve been working the last month have the two lates removed as goodwill but obviously it takes a little time, which I’m running short of. I am due to move the first week of March in to temp housing for 30 days which will allow me to look for a new home. My hopes is to be able to raise my scores enough so that the underwriting process may look past the recent lates. My worst case scenario would be to move in to short term renting until the clock strikes 12 months on these lates and secure a VA mortgage then. I could possibly even buy a lot now while we wait. Is AZEO the best approach given my situation? Any advice on other steps to take? DTI isn’t a concern for me at this point.
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