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How can I improve my application

  • February 02 2009 - Melbourne
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Answers (1)

Good question.  Without knowing what the weak points are, here are some general suggestions:

1.  Keep your credit score up.  FHA requires a minimum of 580 but many lenders are imposing their own higher requirements of 600 or 620.
2.  Keep as much cash in the bank as you can.  The more cash reserves the better.
3.  Keep your paperwork together - while you may be a shred-freak, start saving your bank statements, paystubs, etc.
4.  If you income is not sufficient, consider a co-buyer.  With FHA, a co-buyer does not have to move into the property with you and once you qualify on your own, you can "formally assume" the loan from them and remove them from the loan and title.
5.  Have your lender run the scenario through DO/DU.  If they are not getting an approval, generally the system will give indications as to why.

If you have more specific questions about your personal file, feel free to email or call.  I don't lend in Florida, but FHA is FHA and I am more than willing to give you some pointers.

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  • February 04 2009
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