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Applying soon for FHA loan,what financials will they be looking for besides bank statement

I have small savings and will be adding to it from my 401k,also will be getting a loan from a family member that will be placed in the savings and built upon till time to apply for mortgage, looking at next year around Feb 2012. to begin purchase arragments.looking to get pre-approved soon from my credit union,landlord has offered to write letter describing on time payments of rent for last 4 1/2 years not that many lines of credit on credit report, car note 12 months left to pay never been late 1 credit card with small credit limit never late what else would be needed for lender? ,buying property from landlord

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September 15 2011 - East Oak Lane
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Hi, Chuckie.

Typically for FHA (assuming your are paid salary or hourly), the bank will want to see 2 years of W-2s, 30 days of pay stubs, and 60 days of bank statements. When looking to get approved for a mortgage, try to think of it as risk management for the bank.

The riskier your profile is (credit, income/debt, assets, etc.), the less likely the bank will want to give you a mortgage.

The riskier your mortgage is (low down payment, low credit score, etc.), the more insurance you will have to pay to cover the bank's risk.

I was in the mortgage business for almost a decade before I got into real estate, so please let me know what else I can do to help.

Best,
Tim

Timothy Garrity| Realtor & Consultant

Licensed Real Estate Salesperson- #RS314897

215-829-8850 Office

267-879-2716 Mobile

tim@usspaces.com

www.phillyurbanliving.com

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September 16 2011
Thanks Tim,if there is a risk for the bank is there any programs to help become more acceptable to them and if so how long would the process take,I asked because I do have a few charged off credit cards,no judgements,no tax liens,a few medicals,I'm working with a company called Balance that my credit union recommended to help get my credit report cleaned up, how fast can my score be raised once these are cleared or would i have to clear them up at all, they are at least 5 years old or more. I'm looking at early next year to purchase this property from my lanlord who stated he would work with me if I needed time to get financing
I will be visiting my credit union on Saturday to start the pre-approval process is this too early since Feb is 6months away?
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September 16 2011
Chuckie,

Tim was spot on with his comments.

As an FYI, usually a pre-approval only lasts 3 months.  However, it is not a bad idea to see where you're at with things now- it will help you down the road.

I hope that helps.  Let me know if you have any other questions.

Ben
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September 16 2011
Exact requirements may vary by lender, but expect to provide months of bank statements, tax returns from the prior two years, and current pay stubs (again going back a few months at least). I recommend contacting your lender for their exact requirements. 
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September 15 2011
 
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Applying soon for FHA loan,what financials will they be looking for besides bank statement
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September 16 2011 | 4 answers
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