Pay down credit cards or Put to Down Payment

QuestionsPay down credit cards or Put to Down Payment
Corrine Fifield asked 4 years ago

After filing cht 7 in 2008 and waiting FOREVER for the USDA to foreclose, I have FINALLY been preapproved for a $ 180k FHA loan. My deed was transferred out of my name on 2/21/14 so, according to underwriting, I should be able to submit the formal loan request as of 2/22/17!!

 

She gave me a proapproval letter going FHA with a 4.25 interest and 5.11 APR? Should I shop this because it seems kind of high?  Also, would it be better to use my income tax and pay down my credit cards or hold it for a larger down payment? With the loan my current DTI would be right around 40%

 

Current FICO 667

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