Question on Qualifying for a Mortgage

QuestionsQuestion on Qualifying for a Mortgage
asked 4 years ago

OK, so I am wanting to buy a house soon for the first time. here are my details.

 

According to this site the scores that are most commonly used for Mortgages are:

688

702

674

 

I have 5 credit cards and I do not carry any balance on those.

 

I have one judgement from 5 years ago that was paid off.

 

I currently have one collection that is $ 211 that i am going to try and get a pay for deletion.

 

I have no other debt and 30k in a 401k and about 1500 in a growing emergency fund.

 

I make 60k a year.

 

The house I am wanting to buy is worth about 170k but I can get a decent deal because I know the owner. I’m actually renting it from him right now.

 

What are my chances with an FHA? I also qualify for a VA loan as well. What would be the best route?

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