Mortgage Loan help!?
My fiance and I are in the process of buying a home. We are purchasing an inventory home through a home builder and have agreed to use there financing. This will be an FHA loan.
I am concerned about getting final approval. We were pre-qualified. I had some flaws on my credit report and cleared them up about a year ago. I pulled my report today and the three scores were 617, 618, and 634. My Fiance has stronger credit score at about 680-700. We both have been with our current jobs for 10+ years and combined bring in about 95-100k and have approx 50k in retirement and 8k in savings. With a very small amount of debt- they said our debt to income ratio was around 36%
I am very worried my lower scores are going to cause problems for us. I remember when we got pre-qualified she asked if either of us had below 620 (I dont remember why) will average the scores or just pick the middle?
If anyone has any thought or knows the business I would greatly appreciate any opinions.