Hi all,
I come to these forums daily and want to first say thanks for all the info.
I fell in love with a new Lennar construction home in my area, after finally getting my credit together I submitted for pre-approval hoping to snag a spot on the VIP list. I received word today that I couldn't be approved because of the following reasons:
I wanted to go FHA and that means my hubby has to go on also, we unfortunately can't do that because his score is low (580).
I then asked if I could go conventional and the UAMC rep told me that although I make 80000 a year my 2012 taxes reported 20000 I'm deductions..which drops my annual to 60,000 and that will allow me to qualify for the 300,000 house.
As I sit here with tears in my eyes I'm trying to decide what my best course of action should be, work with the hubby to get his score higher and try again after we file our 2013 taxes or try again solo after I file my 2013 taxes? Either way looks like I will be waiting until 2014 for a house.
Any advice will help, I am really discouraged.
I come to these forums daily and want to first say thanks for all the info.
I fell in love with a new Lennar construction home in my area, after finally getting my credit together I submitted for pre-approval hoping to snag a spot on the VIP list. I received word today that I couldn't be approved because of the following reasons:
I wanted to go FHA and that means my hubby has to go on also, we unfortunately can't do that because his score is low (580).
I then asked if I could go conventional and the UAMC rep told me that although I make 80000 a year my 2012 taxes reported 20000 I'm deductions..which drops my annual to 60,000 and that will allow me to qualify for the 300,000 house.
As I sit here with tears in my eyes I'm trying to decide what my best course of action should be, work with the hubby to get his score higher and try again after we file our 2013 taxes or try again solo after I file my 2013 taxes? Either way looks like I will be waiting until 2014 for a house.
Any advice will help, I am really discouraged.
Starting Score: 593
Over six years of work history..home was 300000
We make the same amount of money and the loan officer said we can afford a 300,000 house, but that is not so. The figures they give out are very high incomparison to "real like" a $300,000 home will average out to be around 1900 mortgage payment. If you can afford to put 20% down, then you'll be looking at like 1500-1600. It is probably fortunate you got turned down. You need to be looking at homes prices in the 220's tops! Unless, you have some hidden cash coming in every month. Being real. 
