Should I wait to buy?`

[Anonymous]

So here is my case: I have been at current job for four years. My income is $60,000 a year. DTI is 30%, All scores between 643-672. I want a FHA loan. I have the 3.5% downpayment. I have eight credit inquires from buying my truck in 2014 which the dealor double pulled two different days which doubled the original four HP. I wont have any HP on my reports in July 2016. 

I have a few collections set to fall off:

Mid 6/15 T-Mob

Mid 7/18 Gym (disputing)

CAC 8/15 medical

Rd2 12/15 medical

CCI 8/16 medical

Amcol 1/19 medical ($1426)

Kansas Counselors 4/18 medical ($314)

Credit Cards:

Barclays $4800 (balance $3764)

Quicksilver $1500 ($692)

Paying the balances down to 10% util by May

Should I wait for all of these to fall off before applying for a home or does my current situation allow me to possibly get approved? 

[Anonymous]

"I have a few collections set to fall off:-

Mid 6/15 T-Mob

Mid 7/18 Gym (disputing)

CAC 8/15 medical

Rd2 12/15 medical

CCI 8/16 medical

Amcol 1/19 medical ($1426)

Kansas Counselors 4/18 medical ($314)

A few collections??

[Anonymous]

Are you trying to insult me? Please post something constructive and not troll. You can just roll past post because I'm sure you have a 850 guy. 

[Anonymous]

Are you trying to insult me? Please post something constructive and not troll. You can just roll past post because I'm sure you have a 850 guy. 

Not hardly a 850, but I digress.  Lighten up, nobody tryin to insult ya.

But to answer your question, I wouldn't do anything with collections set to fall off this year, or a little later. I'd let them do just that.

The newer stuff I'd go to work on.

[DallasLoanGuy]

BOOMER!!!!!!!!!!!!!

just apply. its free.

let us know how it goes.

[Anonymous]

Sooner!!!!

What about the credit inquires? 

[DallasLoanGuy]

inquiries are overrated.

dont sweat them.

[Anonymous]

I'd apply. You may get a better rate by waiting until your scores go up but what if rates go higher than where your scores would put you now? No harm in applying.

[Anonymous]

Thanks for the feedback! I wanted to drop my UTIL and do PFD for the two medical bills this weekend. I will give it a shot and see.