10-02-2012 10:24 AM
1. Credit Score - 690 (One Collection $956 from 6 years ago)
2. Gross Yearly Income - $99,500
3. Source of Income - Salary
4. Monthly Debt - $1735
5. Employment - Full-Time W2 for 3 years
6. Reserves - $7,000 Savings / $30,000 401K (Not planning on using 401K)
7. Location - Arkansas
8. Property Type - Single Family Home
9. Purchase Price - $197,000
10. Occupancy - Primary Residence
11. Transaction Type - Purchase
Any reason why we wouldn't get approved?
10-02-2012 11:04 AM
Are you going FHA? If so, then the 7k is enough for the 3.5% down payment. FHA doesn't have reserve requirements but its good you have them. What are the taxes on the property? Association due?
10-02-2012 12:11 PM
Loan Type: FHA (3.5% Down)
Annual Taxes: $1632
Annual Insurance: $687
HOA Fees: $0
I've already been pre-approved and our offer was accepted about 2 weeks ago. We are now worrying about underwriting. The house passed inspection last week and our LO has ordered an appraisal. How long does underwriting usual take? We are scheduled to close on Oct. 23rd and we've already put in our notice on our rent house.
10-02-2012 12:42 PM
Oh yeah.. you're there. Go get it!