Profile picture for Buchez

My odds of FHA loan

My credit scores are 671 690 678. I have an income of 73k before year end performance bonuses. 385 car payment, 100 in student loans, rent of 775 a month cell phone 75, cable tv 100, internet 73, groceries250, gas 200, car ins 140, and about 2900 in cc debt . I have a stained past with some late payments and a couple chargeoffs all of which have been settled and paid in full since 2008. I don't have a lot in my savings to put towards a downpayment and was going to take a loan out from my 401k to help with a dp.
I was pre-qual'd from a mortgage broker who pulled my credit report and reviewed it with a loan officer and I was told that I shouldn't have any issues with securing funds for a home.

I have selected a new home for 169900 and have set aside 8500 for a dp + 1k for earnest money already in escrow. Im looking to qualify for a loan of 160400.
Do lenders base part approval on how much asset I have in my accounts? My current lease is set to expire oct 31st and rather then throw my money away, I want to purcahse.

I will have a roomate who will be paying rent to me. Do lenders need to know this? Will it help? I know finacially I can afford the payments myself. Will the lender see it that way?

Odds are?

  • August 27 2012 - Atlanta
  • 0Yes

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Answers (2)

Profile picture for Open Home Mortgage
All sounds favorable.  Contact a lender in your area to pre-approve you.  The Zillow Mortgage Marketplace is a good place to start (or our website!)...
  • September 04 2012
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All looks good, no the lender does not need to know that you will have a roommate as you are qualifying for the loan on your own.  The approval is based off of different factors, credit score, income, asset, etc.  The broker/loan officer is correct you should not have any problems/issues closing this loan. 

If your looking for different quotes from lenders, you probably should to see what others have to offer.
  • August 27 2012
  • 0Yes

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