Chance for Mortgage

[jag11]

Hello. Question for the experts out there!! Middle score is 633. Looking for a $130,0000 construction loan. Will put down $10,000 and have the property as well under my name. Credit history clean for past 13 months. DTI is around 17%. What chance do I have to qualify???

[Anonymous]

Do you own the property?

How much is the property worth?

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jag11 wrote:
Hello. Question for the experts out there!! Middle score is 633. Looking for a $130,0000 construction loan. Will put down $10,000 and have the property as well under my name. Credit history clean for past 13 months. DTI is around 17%. What chance do I have to qualify???

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[jag11]

Yes, I do own the property and it is worth around $25,000.

[Anonymous]

I am not an expert on constuction loans-

I know my CU would do this-

Be prepared to explain the prior lates-

Given the lower risk to the bank- I think they would do it.

[Anonymous]

What stat is this property in?

[jag11]

Property is in Louisiana...... Local market is still booming from Katrina and Rita

[ShanetheMortgageMan]

With the equity in the property and the additional $10k you plan on putting down (totalling 20%+ down payment), as long as your debt to income ratio qualifies you'll have a good chance of getting approved for Fannie Mae's HomeStyle construction loan program.

[Anonymous]

how many credit accounts within a period of a year is too many?

Message Edited by jefyjofa on 03-25-2008 07:21 AM

[ShanetheMortgageMan]

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jefyjofa wrote:

how many credit accounts within a period of a year is too many?

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There is no specific amount, but it's related to how many accounts you currently have.  I've had "too many new accounts" comment on a credit report listed for someone who only had 4 accounts, and they got 1 new account in the past year.  I've also had the same comment for someone who had 30 existing accounts and opened 4 of them in the past year.