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Asked by Brittney Jasper, Milwaukee, WI Fri Dec 27, 2013

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Dan Tabit, Agent, Issaquah, WA
Fri Dec 27, 2013
Yes you do have a shot. Credit score is just one issue and yours may qualify you for an FHA loan now. You have time however to find out why your score isn't higher and to take some steps to improve it.
Keep your balances low on any debt you have. Use credit, but pay promptly. Do Not close any accounts, that will lower your scores. If you have old collections either pay them off now or wait until the lender conditions your final approval on it, any activity on old collections hurts you for a while.
It's never too early to meet with a lender and get a more detailed and personal appraisal of your credit and the likelihood of approval.
1 vote
I have medical bills from 2010 or 11. I have 7 of then I have paid the down to 3.
Flag Sat Dec 28, 2013
Lynn Fairfie…, Agent, Libertyville, IL
Fri Dec 27, 2013
I am not a lender, I suggest you speak with a qualified lender to be certain you on the right track.
1 vote
Theresa Olson, Agent, Kenosha, WI
Fri Dec 27, 2013
Hi Brittney,
Your credit looks good. Some lenders allow a credit score of 640, so your about where you need to be. The higher your credit the better the interest rate you will get. In addition to your credit score you will need to have a certain debit ratio compared to your income. Lenders call it DTI (Debit to income ratio)
Plus you will need three lines of trade. (That is credit lines, ie credit card, car note, student loans)

Once you have all of that in place, you will need cash for down payment, closing cost and pre-pays.
You usually can get the seller to help with closing costs but you will need at least 3% down for a WHEDA loan and 3.5% for FHA. So based on a 100K house you will need about 3-5K for a down payment.

You might be closer then you think. Please call me with any other questions.
1 vote
Your so welcome! PS. For someone your age your doing great! Keep up the good work.
Flag Sun Dec 29, 2013
I appreciate this so much.
Flag Fri Dec 27, 2013
Karen Peyton, Agent, Chandler, AZ
Fri Dec 27, 2013
Hi Brittney,

I commend you for setting a long term goal and asking questions to make your goal a reality! Although I'm not a lender, your credit score seems a bit low. If I were you, I'd contact a lender to find ways to improve it. In doing so, you'll increase your chances of qualifying for a mortgage in the time frame you have set for yourself. No doubt by then the credit requirements will change, and you'll be ready!

Best of luck and Happy New Year!
0 votes
Linda S. Cef…, Agent, Franklin, WI
Fri Dec 27, 2013
Yes, Brittney, there is certainly hope for you. However, it isn't just the credit score that matters. The lender will also take into account your work history and your debt to income ratio among other things. But it's never too early to talk with a trusted lender to help you clear up credit issues and work your way up to home ownership.
0 votes
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