Posted on: 17th Dec, 2012 10:17 pm
I came to know finally a two year old charge off will be removed from my credit report. Now I have to boost my score so that I can apply for a FHA loan. Here is what i am looking at right now...I have two cc with a total cl of $800. right now at 85% utilization (Christmas shopping) i will be paying this off on my statement...I had two Charge off capital one and Macys- macys is going to delete in the next 45 days…my last late payment was February of 2012 since then i have paid everything on time… i have two car loans with zero late payments. two cc with zero late payments.. Oldest account is 7 years. My questions are
1- Am I even close to being able to qualify?
2-What could i qualify for?
3- How long should i wait to apply?
1- Am I even close to being able to qualify?
2-What could i qualify for?
3- How long should i wait to apply?
Hi Guest!
Welcome to forums!
As far as I know, in order to get qualified for a FHA loan, you shouldn't have any late payments for the past year. So, I believe that you will have to wait till the next February and then apply for a mortgage. You will have to apply for the loan with the local FHA lender and he will let you know whether or not you will be able to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, in order to get qualified for a FHA loan, you shouldn't have any late payments for the past year. So, I believe that you will have to wait till the next February and then apply for a mortgage. You will have to apply for the loan with the local FHA lender and he will let you know whether or not you will be able to get a loan.
Feel free to ask if you've further queries.
Sussane
You need to wait at least until that last late payment is a year old. As far as how much you would qualify for, you would need to sit down with a loan offer and have them review your credit, assets, and debts.
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Yes FHA loan will be ideal for you. This is because requirements to get approved for an FHA loan are comparatively relaxed than to get approved for a conventional loan. Follow the above tips.
To get approved for an FHA loan, the you have to make a down payment of 3.5%. You have to keep that amount ready. Again, your credit score should be at least 620.