Will I Get Qualified - TX?

[Anonymous]

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@rockymtngrl wrote:

The student loan is probably helping to keep your scores down.

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Unless there's negative history here the loan is probably helping or at least not pulling the scores down.  For most people student loans help them establish credit, assuming there's no late/missed payments.  If you have already established your credit then it's a matter of temporarily losing a few points for the new account bringing the average age down, but you should gradually gain those points back.  I'm guessing it has more to do with the credit cards.  It sounds like about average util across the three with balances is 50%.  You can probably gain a few points paying the balances down, especially if one or two of them is higher than 50%.  If any of them happen to be in the 70-80-90% utilization range, you'll want to consider hitting those first.  Anyway, scores are still plenty high for FHA as others mentioned.  Good luck!

[Anonymous]

I got pre-approved!  Turns out the 691 TU was my middle score and what they went with for FHA approval @ 5.125%.  I do have one more question on rate shopping - should I go ahead and call around now and ask for FHA rates or wait until we find a property we want to purchase?

Thanks from a first time homebuyer...slowly getting the hang of things.

MustangOrange

[Anonymous]

To get the whole picture you'll probably want to know their rates and fees.  A lender could have a great rate but stack the fees.  Most lenders aren't giving out GFEs without a property address so you'll probably want to do your final shopping when you've settled on a house.  But make sure you give yourself enough time to shop and close when you write the contract.  Good luck!