I am ready to finally apply for a mortgage loan and went into my credit union this morning to do so but left feeling very frustrated. I have ONE derogatory item, a foreclosure. I know, the worst derog when applying for a mortgage. Foreclosure started Sept. 09, Certificate/deed transferred Feb 2010. So I think I am within FHA quidelines, timewise, which I believe is 3 years w/o extinuating circumstances. The branch mngr was very unsure of anything and opened an instant msge chat window with loan officer in their Orlando office. I am assuming their quidelines encompass their overlays, because their loan quidelines mirrored those of conventional loans. I pressed for more specifics on their quidelines and the loan officer came back with they don't do FHA loans and havent done them for approx 8 months and she doesnt know why they dont remove that option/product from their list. I will list my specifics and hoepfully someone can share their experiences/recommend someone in my area?
I have next Monday off and want to apply so I can start looking at properties without wasting everyones time.
Credit limits available 37500, credit owed ( 2 cards, $8, 200 )
Income 35k annually
Debts; 2 credit cards only, minimum payments roughly $125, I always pay more
Savings, verifiable funds, 16k
Retirement, 10k, half of which I can borrow but won't.
FICO Mortgage scores per this site are all above 710.
10% down plus closing costs, mortgage no more than 70K.
No lates, nothing derogatory except foreclosure, aaoa 16 yrs
Thanks in advance for any advice, recommendations, etc.
11/2011 FICO .................TU 672 ...........EQ 654........... EX 649
03/2015 FICO; .. TU 710.... EQ 721 ....,,,,.EX 722
Cap1 6850, Discover 17,600, WM Discover 6000, Chase 2500, Citi Simplicity 2600, Citi Dbl Cash 2,600, Home Dpt 500, VS 1200
