Greetings 
. Here's the (very) short version of my story: Began house hunting last July. Has been a nightmare (that's a WHOLE other thread though lol). Anyways, have finally found a house and made an offer. Was originally planning to go USDA RD Guaranteed but my income was too high 
so I'm going FHA due to I don't have 20% down payment. So my TU FICO is 674; EQ FICO is 672. Make ~100K/yr. Only debt is a Crap One rebuilder with a $500 limit that I've had since Feb. 2011 (current balance $32 and I PIF every pay period) and a Best Buy card that I've had since Dec 2011 ($2K limit and a $500 balance which I will PIF in a few days) Have no car payment (car is PIF) and no other loans. The Baddies: A hospital judgement from 2008 for $200; 3 Collections (all from the same CA and all from the same hospital bill in 2009 when my son broke his arm skateboarding); FICO says I have a short AAoA (12 years. And the only reason its that long is because I had a student loan that I paid on forever ago). Soooo, Mortgage Lender needs LOX for all inquiries in last 12 months (3 of the inquiries are from THEM (for houses I made offers on but the funding fell through due to low-appraisals on 2 of the houses. The 3rd inq is for the house I'm currently under contract with. And if this helps the house is 50K with seller paying 3K closing costs) and the other inqs are Target card app from 7/2011 (should be falling off this month, right?) And a Best Buy inq for a card I received in Dec 2011. The lender also wants LOX for derogatory items on my CR which are as follows: Judgement from local hospital in amt of $200 filed Oct 2008, PIF May 2009. 3 Collections(which are PIF) from CBS for medical bills from 11/2009 (3 different accounts all stemming from the same ER visit when my son broke his arm) for $186; $242 and another $186. I tried to call the collection agency to get the items deleted but they absolutely wouldn't do it. So with all that being said, do you think I may have a chance for approval for FHA?? I've been "pre-approved" for up to 150K but I know a pre-approval and an ACTUAL approval are two totally different things. My file should be going into underwriting in the next week and I'm freeeeeaking!!!!! Please, any info/advice would help!!!!
. Here's the (very) short version of my story: Began house hunting last July. Has been a nightmare (that's a WHOLE other thread though lol). Anyways, have finally found a house and made an offer. Was originally planning to go USDA RD Guaranteed but my income was too high so I'm going FHA due to I don't have 20% down payment. So my TU FICO is 674; EQ FICO is 672. Make ~100K/yr. Only debt is a Crap One rebuilder with a $500 limit that I've had since Feb. 2011 (current balance $32 and I PIF every pay period) and a Best Buy card that I've had since Dec 2011 ($2K limit and a $500 balance which I will PIF in a few days) Have no car payment (car is PIF) and no other loans. The Baddies: A hospital judgement from 2008 for $200; 3 Collections (all from the same CA and all from the same hospital bill in 2009 when my son broke his arm skateboarding); FICO says I have a short AAoA (12 years. And the only reason its that long is because I had a student loan that I paid on forever ago). Soooo, Mortgage Lender needs LOX for all inquiries in last 12 months (3 of the inquiries are from THEM (for houses I made offers on but the funding fell through due to low-appraisals on 2 of the houses. The 3rd inq is for the house I'm currently under contract with. And if this helps the house is 50K with seller paying 3K closing costs) and the other inqs are Target card app from 7/2011 (should be falling off this month, right?) And a Best Buy inq for a card I received in Dec 2011. The lender also wants LOX for derogatory items on my CR which are as follows: Judgement from local hospital in amt of $200 filed Oct 2008, PIF May 2009. 3 Collections(which are PIF) from CBS for medical bills from 11/2009 (3 different accounts all stemming from the same ER visit when my son broke his arm) for $186; $242 and another $186. I tried to call the collection agency to get the items deleted but they absolutely wouldn't do it. So with all that being said, do you think I may have a chance for approval for FHA?? I've been "pre-approved" for up to 150K but I know a pre-approval and an ACTUAL approval are two totally different things. My file should be going into underwriting in the next week and I'm freeeeeaking!!!!! Please, any info/advice would help!!!!
And I realllllly want this house!!! I have made offers on 2 others houses previously and the funding fell through because of low appraisals(both appraisals ended up being like ~30K below selling price) and the sellers of both the previous houses I made offers on were not willing to come down. So even though I've made offers on other houses, I've never actually made it to UW because everything fell apart at appraisal. This house hasn't made it through appraisal (but I'm fairly confident it will appraise OK because its priced so low and a comp home in the area recently sold for 110K....well, I'm PRAYING the appraisal goes through because that seems to be my biggest hurdle in this whole experience) but I'm also concerned that I won't make it through UW because of the baddies, even though they're all PIF and I've had ZERO lates since the collections in 2009. Any answers?? Ideas?? Theories??? Words of encouragement??? I'm soooo ready to be a homeowner and I just feel like its never gonna happen
So what happened? I'm close to being in your position
Starting Score: 530 (EQ) 03-2012
Thats awesome