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Answers (8)
- Kyle Pursley, "Kyle Pursley"
- Contributions:56
You may be taking a smal hit on the rate because of your credit score but, I don't see any reason why you wouldn't get approved. Based on everything you've posted it seems like you fit into the box pretty well. Don't sweat it! Just stay positive and provide your LO with everything they need, you should be fine.
- Joshua Stein, "JSteinHomes"
- Contributions:140
Seems like it. Just don't go buying a car or spending a lot of money on furniture and whatnot between now and then and you should be golden. These days, the appraisal can be the big stumbling block, and it looks like you've already cleared that hurdle. Best of luck to you in your new home!
- user308162
- Contributions:3
ok. an update. found a home and have been pre-approved. Loan goes to underwriting friday. Middle Score is now 646 and the charge-off was paid in full (didnt want to do this but did at the advice of the lender). We have a ratified contract for a home priced at $650,000. Negotiated down to $620,000 and are putting down roughly $60,000 to get to the $560,000 FHA limit in our county... with an extra $12,000 available as a cushion. Debt ratios are the same. Is there anything at this point that can derail the process. Employment history is solid, salary is solid and guaranteed (exec. employment agreement), no additional hidden debt, judgements, etc. I'd like to think we are in the clear (or reasonably in the clear) but i feel like i'm going to be sweating it out between now and closing - March 30. Home appraised at $635,000, no surprises during inspection. Do you think we are ok?
- Greg Von Herzen, GRI,MCNE, "vhproperties"
- Contributions:1427
Yes, the best option is too get the incorrect things on your credit report off, then do a rapid rescore. Once that is done you'll be able to qualify
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
With debt to income ratios below 31/43 (you are 19/37) you should have no problems at all with that score, and at worst rate would be .125 to .25% higher.
You will likely need to resolve your dispute prior to closing.
You will likely need to resolve your dispute prior to closing.
- user308162
- Contributions:3
maryland
- Joe Cafiero, "Joe Cafiero"
- Contributions:3220
There are more options if you can get over 640 and 8 points is not that hard to fin but you still have viable options over 620.
- shapiroamg
- Contributions:3058
I think you will be fine. The only issue is that some lenders have a 640 or even a 660 cut off. If you find someone to do a 632, then expect your rate to be a bit higher than typical.
I think you have a plan, get the credit updated and hopefully the score will go up and be open to pouncing on a home if the right property comes along.
What state are you looking in? Good luck.
I think you have a plan, get the credit updated and hopefully the score will go up and be open to pouncing on a home if the right property comes along.
What state are you looking in? Good luck.
Do we have a realistic chance at getting an FHA approved mortgage considering...
The good - my yearly income is $200,000 - combined income with my fiance is $265,000.
Our combined mortgage debt to income would be roughly 19% and our total DTI is at around 37% (carrying existing mortage of around $180,000 - would love to sell but would be open to renting, depending on the market) and 30% without. Also, the fiance has credit rating well over 700.
we had set our minds to cleaning up my score and saving cash for the rest of the year and looking to purchase in november. However, just as we'd made up our minds to do that, the perfect house came along. I just dont want to go through the process of closing a deal if its not realistic to even try. Does the above look doable?
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