Asked by stacymcclellan, Green Bay, WI • Wed Jan 2, 2013
I'm currently considering first-time home ownership. In fact, I've found a home that I really, really like for a price that I found to be very reasonable ($89,900), but I feel like I might have a hard time qualifying. I have a FICO score of 631 but my credit card utilization is like 96% between three low-limit cards. I have no late payments or anything derogatory. I'm going to pay off all my credit card debt once I get my taxes in about a month. I went through some simulators that put my score at 680-720 once these are reported as paid (is this unrealistic?). I only make about $32,000 per year. My DTI is about 20% right now with an auto loan, student loans, and credit cards. I'm also taking some classes this month that will allow me to get down payment and closing cost assistance from a local program as long as I can get my own financing. Is it possible?
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