I have a 609 credit score trying to purchase a 160k house.
My credit score should go up drastically within 30 days, however, the short sale house wants to start escrow now. At the end of the 30 day escrow should I again run my credit and see if I qualify for an FHA loan…or is this even a possibility?
Or should I ask for a 90 day escrow with the idea that before the close of escrow I would qualify for an FHA loan?
Ideally I am trying to qualify for an FHA loan.
Worst case scenario: I accept the high interest rate now…move into the home…can I qualify for an FHA mortgage after (say, 3 months) I’ve already begun payments on another interest rate….sort of refinancing to become an FHA loan?
any advice is greatly appreciated! 😉