Looking for some feedback/help. More general feedback, but I’ll try to include what you’d need for specifics.
Mortgage FICO’s: 660/641/625
Annual Gross: 180K documented from employer (up ~20K+/year from 45K in ’11, when spousal job loss led to asset depletion/credit issues)
2 auto loans (900/mo) – 1 clean (18 months old – 17K), 1 had rolling 30 day until 12/2014 (5K).
Couple medical/CC collections (all paid in full/settled through 2014)
Student loans (1300/mo) – entered repayment within the last 6 months)
Sold last home owned clean (brought ~10K to close) in 2012. Have been renting since then (2400/month currently).
2 credit cards with ~5K in lines
3 installment loans totalling ~4K set to payoff in June
Assets: ~40K liquid assets
Looking at houses in the 400K price range (midwest, but not USDA) – FHA limit is ~280K in my area. Looking to put 5% down, and property taxes are ~1.75%
Shopped/researched conventional pretty extensively, and based on the Fannie matrix it looks like I need to be at a 680 or 700 mid-score. Does anyone have any suggestions for loans outside of conventional but above FHA limits? I’m OK paying a bit higher rate – and I’d consider most loan options (ARM/etc…) – becuse I expect to be conventional qualifying within 6-12 months. I’ve been talking to a couple local banks/CU’s looking for an in-house loan, which is in flight right now.
Once I’m final on whether I can get qualified now, I’m planning to reach out to a local/good reputation credit repair shop to blast some of the lates/collections, and then remove the disputes once resolved (+ or -, I’m not banking on anything but figure it’s worth $ 300 to have someone do that for me).
1) Any suggestions on above-FHA-limit loans that are outside of conventional critieria, with 5% down?
2) What about a non-occupying co-borrower? The online research seems a bit mixed as to whether that can offset credit deficiencies (appears to be more common for assets/income & DTI, which I’m OK on)
3) Thoughts on the planned credit repair move?
4) Other feedback?