Help With a Mortgage. Thanks in advance.

bkshaw23 · Joined: 20 Sep 2005 Posts: 1

To start off my credit score is 580 my fiance has a score of 565. We are both young.....24 and 25 and had 5 or 6 small unpaid collection accounts that have hurt our scores. We paid them all last week. She has a $100 doctor bill judgement on her report that she paid a yearor 2 ago. I have been at my job for 6.5 years and make about 30k. She is a Liscened Practical Nurse and currently in school for her bachelors degree in nursing. She just changed jobs in order to better suit her school schedule. Her job change is in the same nursing field. She makes 30k a year also. I think FHA is the best way for us to go. We are looking to spend 140k on a house. Our DTI is not a problem. We are in the Richmond Virginia area. What are the chances of being approved for an FHA and if we are approved whats a ballpart interest rate we are looking at. We plan to put 3% down. Thanks in advance for any help. This is really bothering me. We would really like to get our finances straight. Thanks again.

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

We personally do not have any FHA experience. I think the collections could be an issue for FHA. There are many other aggressive programs out there. Have you starting speaking to a mortgage professional?