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Established Member
rhowar2199
Posts: 25
Registered: ‎08-13-2010

DO I HAVE A CHANCE

Today I purchase the score watch with myfico.com and pulled a fico score of 648 with equifax, and a transunion score of 672 not sure what experian is BTW. But what I am trying to do is purchase a home within the next 6 months... My debt currently is 24K on a car loan, and 1,600 on a credit card c.l. $2000, I have three other cards but do not use them all have 0 balances.. What are my chances of getting approved for FHA loan?


Starting Score: 640
Current Score: 648
Goal Score: 700


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: DO I HAVE A CHANCE

Your chances are really good with your current scores. The $1600 balance is really hurting your scores. I would get that balance down to 9% before you apply.

If I may ask, why are you applying in 6 months versus now? FHA rules are changing on April 1st and June 3rd that will make the cost of the loan much more expensive.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
rhowar2199
Posts: 25
Registered: ‎08-13-2010

Re: DO I HAVE A CHANCE

Thanks for the reply the only reason im waiting for 6 months to get down payment cash needed for FHA loan, I would love to apply and process now  but I need the down payment cash first from what I understand...


Starting Score: 640
Current Score: 648
Goal Score: 700


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: DO I HAVE A CHANCE

I would contact your local housing authority and ask if they have any downpayment assistance programs. Also check with your local credit unions. I went through our local housing authority and only had to pay $2,000 for earnest money and $425 for the inspection. 3% of the downpayment required for FHA was rolled into a second mortgage and the builder paid my closing costs. I could have rolled the closing costs into the second mortgage too! My cash due at closing was $133. The home price was $347,900.

Do you have a 401K account you can borrow from for the down? The new FHA rules on PMI will be really nasty.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: DO I HAVE A CHANCE

While your scores are fine, other requirements need to be considered. Since you mentuon your debt then make sure your DTI qualifies or pay down the debt if you need too.
Good Luck
May all your dreams and wishes become a reality!
Established Member
rhowar2199
Posts: 25
Registered: ‎08-13-2010

Re: DO I HAVE A CHANCE

I do have a 401k plan it only has about $1200 dollars in there so not very much cash at this time for down payment... But will down payment assistance program help with all the up front cash or am I still in need of cash before even applying for a loan? BTW I have no idea how to purchase this condo


Starting Score: 640
Current Score: 648
Goal Score: 700


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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: DO I HAVE A CHANCE

Some housing authorities will pay some if not all.

As movingfoward mention contact yours and see what they have available
Good Luck
May all your dreams and wishes become a reality!
Super Contributor
DallasLoanGuy
Posts: 6,096
Registered: ‎07-03-2007

Re: DO I HAVE A CHANCE

nothing i see will be a problem. if your debt to income ratios are good.... you have a great chance



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Established Member
rhowar2199
Posts: 25
Registered: ‎08-13-2010

Re: DO I HAVE A CHANCE

I will do thanks and my debt to income ration is only 14% that's with my car and the credit card... But will it be a crazy idea to take out a loan to get the money needed for the down payment for the home, BTW IM sure I can pay it off in 4 months just don't want to be affected by the new changes FHA has coming


Starting Score: 640
Current Score: 648
Goal Score: 700


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: DO I HAVE A CHANCE

You have to use your own funds for the downpayment. Any monies that aren't yours will need to be seasoned for 2 months.

There are programs like the one I did that will allow you to put your downpayment in a second mortgage or provide a grant for the down.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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