A big thanks to everyone here at the myFico forums and in particular Shane for all the wonderful advice he gave me. Shane, you were absolutely instrumental in helping my wife and I get our mortgage and we can’t thank you enough for all the emails you answered.
A quick rundown on some of the numbers: My mid was 711 and wifes mid was 759. FHA to purchase an REO Forclosure: 3% down - 44% Housing debt ratio- 55% total DTI. Gift funds from friend outside of family. Approved and Closed! On time. (Note: ratios are high due to not being able to use wife’s income for loan. These are not our real DTI’s, just what was used on the loan application.)
I’ve been reading the forums for the last 6 months as I’ve tried to educate myself and improve my credit scores. My mid was around 640 when I started the process and I was able to raise my mid to 711 with the help of advice I received on the forums. When I started to investigate the mortgage process, I found that many of the questions I had were answered by Shane (using search).
It was quite a journey, but we’ve finally reached the end goal and it’s quite the relief. For all those just starting out, read as much as you can on the forums, then read some more. You’ll find a ton of incredible advice tucked away on this message board. And if you’re looking to get a mortgage, read everything by Shane as he gives spot on excellent advice.
Thanks again Shane! You are awesome!
G.C.
