Profile picture for sexywinter

my score went up to 627 still waiting for one moe item to be removed from credit score and inquiries

hoping that my middle score reach a 640 with a charge off of 8,000. do you think it will be possibile to get a fha loan.waiting for my score and also need to get my debt to ratio down to qualify me for a house and trying to save for my down payment. should i continue house hunting any help is appreciated.I am so happy my score went up by pay down my debt from 589 to 627 and still rising thank the lord.from 1 month taking out loan just paying my debt off.
  • December 18 2010 - Hyattsville
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Answers (4)

Profile picture for wetdawgs
Congratulations on the progress you've made.

"should I continue house hunting?"    At this point, you don't have your down payment and your credit score is too low, so if you found the house of your dreams tomorrow, what would you do? 

I'd give it a break until you've saved up down payment, closing costs, and a significant emergency fund for the black hole reality of many homes.  Meanwhile, maintain meticulous debt/credit habits.  Don't buy a car, or miss payments, or max out your credit cards.
  • December 18 2010
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Hi again, sexywinter!
Great work on the credit score so far, that is a significant increase, and there are lenders still left that will do your FHA loan at your present score, however, wetdawgs makes some very good points that I think you should consider before moving forward.

Best Wishes, and Merry Christmas!

  • December 19 2010
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Congrats on your progress!  I bet that feels good for you to become closer to being debt free.

There are some FHA lenders that will go down to a 600 FICO for an FHA loan, but you will get a slightly better rateif you can get above the 640 threshold. 

I've been working with a sub 640 FHA lender over the past year with good success.   
  • December 19 2010
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Sounds like you have made great progress and for that you are to be commended.  It can be a tough uphill climb but to those who endevor goes the spoils they say. The MAryland CDA mortgage program allows FHA with scores of 620 and alos have $5,000 in no interest no payment downpayment money available. Must be a first time home buyer in most cases unless you are interested in buying a home in certain revitalization areas. 
  • December 20 2010
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