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Zinbee

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Can I qualify for an FHA loan soon?
Hello,

I am new here so not sure how all of this works, but I am hoping for some guidance.

I really have worked hard over the past year to rebuild my credit and am still working on it. I have increased my scores from low 500s to a current 636 fico with equifax. I still have work to do, however, I am wondering if it is even possible for me to obtain my goal for an FHA loan. I know I still have a little work to do first. Here is a quick look into my credit and profile



Equifax - 636

Experian- 613

Transunion - 622



Annual income - 43,000

Monthly payments- Auto loan 24,000 - $480 monthly payment

Student loans for 42,000 - $62 monthly payment

Credit cards - 2 cards(capital one) with $500 limit and 0 balance currently



My problem lies in the fact that I have 5 medical collections that are approx 2 years old totalling approx $2000 - I have arranged pay for deletes with the collection company and am slowly paying them off - Should I see a raise in my fico scores after these are deleted?



The reason I doubt i will ever be approved for an FHA loan - MY FEDERAL STUDENT LOANS!!

I have been on time and in good standing with them since January 2014 unfortunately I had a late payment then of 60days before that i had a year of on time in deferment reported -

However prior to this i have a history with the previous server of multiple late payments - Sadly i didnt understand the process of credit and was an irresponsible single mom that was overwhelmed with debt and medical issues. I did not even try to remedy them because I guess i didnt understand credit and the process. I doubt that the servicers will delete these although I have just mailed a letter begging them to help me and remove them.



I have a steady job as a nurse at a school for the past 5 years.



Do I disqualify for an FHA due to my poor history of late student loan payments or could I qualify because I have brought my loan current ?? As a side note I qualified for income redriven payment so my payment is affordable at $62 per month - I also am eligible for public loan forgiveness as I work as a nurse in a public school - after i make 120 payments at $62 a month my loan is forgiven. Can my bad history be overlooked or will I have to wait the 5 years to have the lates dropped off my report. ?? Really would love to buy a small home for me and my daughter through an FHA Loan... Thanks for any input it is greatly appreciated!!!

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