Home Buying in San Juan>Question Details

Melinda, Both Buyer and Seller in San Juan, TX

Due to a mixup on my credit report, my credit score dropped from 715 in November to 630 in December. I got

Asked by Melinda, San Juan, TX Sat Jan 10, 2009

the problem fixed and the derogatory record which should have never been on my credit report was removed in December. We are closing on our home this month and unfortunately when my credit report was pulled, my credit score was an issue. We have now qualified for an FHA loan and I have a question. Since this item will be removed in January, my credit score should go back to normal. Should we wait to close until after my credit has come back to normal? Will it change my interest rate much with an FHA loan? We have been quoted 5.5% on a 30 year mortgage.

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620 + gets the same rate as 800 on FHA loans.
However, 5.5% is a tad high for FHA today. You should be able to get 5%
0 votes Thank Flag Link Sun Jan 11, 2009
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