Credit = Tran 750, EQ690 not sure about exp
Income = around 4k gross monthly
Source of Income= at current job for 5 years
Monthly debt payments = credit line 215 (owe 2800 on it)
Location = Eastlake, OH
Property= Single home
Price = 114k
Type = FHA? I think
I found a beutiful 3 bdrm, 2.5 bathroom dream house that is for sale by owner. I have 6k saved up, with another 8k to have within a month ( bonuses, tax return). I dont have any collections, late payment from May 2011. Do I have a chance of getting a loan? Am I better of going with a broker instead of dealing with a bank? If so does anybody know any good brokers in Cleveland, OH area?
Looks great to me, but I'm no pro. Check with a local CU if you use one, or whoever you bank with if they are local banks, avoid large banks. Good luck!
+1 to whipster's remarks.
Your numbers look fine for the amount of house you are looking for. $2800 on your CC shouldn't be too bad although paying that down would result in less utilization which only makes you look better. The amount of funds you have available for downpayment and/or closing are more than enough for an FHA loan. You might even consider conventional or other regional programs, as FHA doesn't tend to offer the best rates. Definitely speak with an originator or a broker. Having a realtor that comes recommended from someone else can go a long way too, as they will be able to put you in touch with all the right people.
Thanks for all the replies. I went in and talked to broker on Wednesday and got pre-approved for 190K . I am so happy right now. Just a year ago my credit scores were around 550. I talked to the seller and we signed a purchasing contract thursday. I handed everything to the broker on friday night and he is going to start the process on Monday. He told me I will have keys to my new house in less than 40 days, which cant come fast enough.
I got the home inspection done yesterday and there were no issues at all. Appraisal is on Monday and this is putting me under a lot of stress. You never know what the house is going to appraised at. I signed a contract for 123500 and honestly house should cost way more. I also got a 40 by 42 vacant lot included. House has been remodeled in 2010. Brand new kitchen, finished basement brand new furnace. Roof is 3 weeks old. I'm hoping everything goes thru since seller wont come down with the price.
Year Value Land Improvements Total Tax