Hello everyone,
I'm trying to qualify for an FHA loan. However, when we pulled the reports there is a recent 30-day (the only one ever). I've tried gw-ing the OC and they refuse to budge, I'm not even going to try anymore because they are a fairly small creditor and I've already spoken to the three people that work at the dpt that can help me and all three have said no. The 30-day is the product of a check lost in the mail not my personal fault or the OC's for that matter.
My FICOs are not great (low to mid 600s) and my DTI is kind of in the high end, however this is a new build and I have some time to work on those ratios for the next couple of months, before closing.
I signed a contract at the end of june, it's contingent upon getting approved for hte loan... new house sales are so bad around here the builder has given me the next three months to finalize the loan in hopes we'll be able to go through with the deal. The contract includes 3% downpayment provided by the seller as an incentive.
Questions:
1. What are the odds of the 30day disqualifying me completely from FHA?
2. Will I lose the downpayment assistance after Oct 1st, even though our contract/earnest money have been in since June?
Thanks!
2/2011
Experian: 658
Equifax: 653
Transunion: 670