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What DOES this mean and what do we need to do to improve this statement. We are looking to purchase a home and have a 600 credit score, trying to get to 620. not sure if this means that we have too much debt or too little?
Amount of debt
Your total amount of outstanding debt. " Bad:
Would need more information?
Mortgage loans for a FHA, you would need a middle FICO score of 620.
Is your 600 score a FICO score? Also is it your middle score?
Have you talked with a mortgage lender yet?
"amount of debt" is too much.