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Wait another year?

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nate79416
Regular Contributor

Wait another year?

My score right now is a 617Smiley Frustrated

Income 86k

12k in my 401

Need to pay down on my credit card limit is 2250..balance is 1880

I have a few collections(medical) from years ago

Should I contact the builder or go through my credit union

My car is financed through my CU pay 291.00

Any other info needed let me know

Wishing I could bring my score up to 650 by June

Thanks for your help

Message 1 of 5
4 REPLIES 4
Its_Me
Regular Contributor

Re: Wait another year?

Do you have money saved for a downpayment and closing costs? Are you going FHA or Conventional? What price range are you looking at?

 

If you provide a little more info, the board may be able to provide more options. Smiley Happy

Message 2 of 5
nate79416
Regular Contributor

Re: Wait another year?

6k down 

FHA

under 160k.. the model that I like is right at 157k

Message 3 of 5
ezdriver
Senior Contributor

Re: Wait another year?


@nate79416 wrote:

6k down 

FHA

under 160k.. the model that I like is right at 157k


Go request a prequal from the builder. Depending on the size of the builder, most larger builders will require that you be prequalled by them in order to sign a purchase agreement. if you are prequalled by the builder, then go forward with your purchase plans. Chances are that the builder will provide a significant incentive to use its inhouse lender.

Message 4 of 5
nate79416
Regular Contributor

Re: Wait another year?

Thank you!

Message 5 of 5
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