Would you wait

[Sbrooks1]

Could really use some advice!! Planning to wait until feb to app for mortgage as I have 1 90 day late payment on a personal loan from 2/2010 as my last baddie on TU and EQ . Reason listed for MMS low @ 670 is 90 day late, so I had hoped once that falls off , my MMS would improve. Now, I plan on FHA app and that's not score driven, so should I go ahead and app? How bad will a LO and UW frown on that.

[StartingOver10]

Most professional LO's wouldn't frown on that 2010 late - that was 6 years ago. They don't judge. After all, they want to make the loan. If that is all that you are waiting for, then make the leap now. 

[Sbrooks1]

I don't know why but I feel paralyzed!!

[Sbrooks1]

Mid score is only 671 and the lowest they go is 640. Was hoping to get to 680 or so

[jamevfan]

What are you waiting for? lol. Anything over 4 yrs i was told wouldnt have much of an impact on your score, Ive had some recent collections some off which increased my score 10 points each 20 points but if you are planning on a new build you will have time to get those off and an FHA loans rates wont fluctuate much between middle scores being slightly higher.

My middle score were 634 at the time of apping and i have since had 2 charge offs come off and will be closing late feb early april and the last one is due to fall off then and my LO is aware and will rerun my score for the better rate at a later time.

[Sbrooks1]

I literally feel paralyzed, what if s are driving me crazy.local lenders are requiring at least a 640 for FHA

[Anonymous]

Maybe the increasing rates will get you unparalyzed

[jamevfan]

yea. My LO called today and said the rates were steadily increasing since last week, hopefully they go down by the time I lock my rate in around Jan.....

[Sbrooks1]

I am not ready bank wise can't get a traditional bank account until next month due to Chex from 11/ 11

[Sbrooks1]

Also I have never put the correct address on my DL, do I need to fix that first