I have been in Escrow for the past six months. We were approved by a private lender and the BOA through the builder. We have not been able to lock in a rate and we have not chosen our loan agent yet. We are waiting for a new home to be built.
I recently checked my credit score on creditreport.com and was shocked that my credit score was 587! I contacted my realtor and she said I am may not be able to get a loan. I am wondering if it is because of the credit inquiries and because I paid off a an old collection acct. a couple of months ago.
I have been current will all my credit cards. My lender mentioned rapid rescoring. How many additional points will I be able to get with rapid rescoring? Can I obtain enough so I would be able to qualify for the FHA loan?
Any information would be super helpful.