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Do I Qualify

New Member

Do I Qualify

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?

Message 1 of 6
5 REPLIES
Regular Contributor

Re: Do I Qualify

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?


Starting Score: EQ 619
Current Score: EQ 735, TU 732, EX 745(Lender Pulled)
Goal Score: EQ 700


Take the FICO Fitness Challenge
Message 2 of 6
New Member

Re: Do I Qualify

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.

Message 3 of 6
Valued Contributor

Re: Do I Qualify

Yeah you will be fine.

Message 4 of 6
Moderator Emeritus

Re: Do I Qualify

Oh yeah.. you're there.  Go get it!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 6
New Member

Re: Do I Qualify

We Closed!!!!

Message 6 of 6