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Mortgage Approval


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My wife and I will be applying for a mortgage. We are first time home buyers. She has a credit score of 744. She only makes about 25k per year. I have a credit score of 553 and I mkae 90k per year.

We are planning to purchase a condo for 140k. we plan to put down about 10-15%. I just have a couple questions.....


Should we apply online for a preapproval in light of my credit situation, I dont know if its better to go to the bank to talk to them in person or can we do it online. We have been banking with Bank of America for a long time. We plan to get a mortgage thru them since right now they are offering zero closing cost mortgages.


As I said we are first time buyers so we want to take advantage of all the "benefits" of being first time home buyers. We were thinking about geting an FHA mortgage. Is this something that sounds possible?

most of my credit problems are charge offs. Ive got about 9 of them and most accounts showing as closed. I have 2 judgements. 1 of them paid and 1 of them in dispute but I am willing to pay it to make it go away.

I have been fighting to remove all the negetives now for about a week or so. I hired a lawyer that I hope will be of some assistance with these charge offs.

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I'm afraid I can't offer much information/advice except to say that you will have to take care of that judgment one way or another if your name is to be on the mortgage.

I've heard there are home loans that will tack on the judgment in the loan, in effect loaning you the money to pay it off, but I have zero personal experience or knowledge of that...it was third party information I haven't been able to verify.

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