I only have about a 3.5% down payment available and understand that interest rates are enough lower with an FHA loan that I could just suck it up and deal with PMI. My middle mortgage score, Experian, is now 633. I still have an unpaid utility (about 2 years old, $400) and unpaid 6+ year old medical collection. I have a lot of older bad stuff but it's all paid. My Equifax report still has a number of small paid medical collections (as in tiny, 4-5 of them are total under $150) and mortgage FICO for it is only about 589. transunion is 639. I HOPE to be buying some time this summer but the market is very, very competitive where I want to move and I may well not find something within a month of prequalifying. Do I put in an offer then prequaliy? How long does it take? Any checklist of things I should have completed for an FHA loan? Thank you for your help!
↧
