Hi everyone. Been a myfico.com member for a long time, but I never even knew these forums were here until I started researching homebuying. A little background would help I guess. I used to be terrible with money. There was a point 6 or 7 years ago when my scores were down in the high 4 to low 500 range. I got serious about learning financial responsibility and my scores now are 710 715 and 704. My middle mortgage score is a 704. One 30 day late payment 14 months ago is my only negative within the past 5 years. No collections open or closed.
I have applied for a FHA mortgage for 130,000 and locked in a 3.75% rate. Looking through my paperwork i saw something about a total scorecard which I would assume is the automatic underwriting. OT all came back approved. My base salary is 60,000 which is what I applied with. My monthly debt before any potential mortgage is 800. No credit card debt. I work an average of about 200 hours of overtime a year which is about 9,000 extra income, but I didn't include it in my application for some reason. I would hope if I passed AUS with my base income then all income verification would be stronger based on the extra income reflected on my tax returns and paystubs. I wanted to keep my DTI below 30%, but it looks like it will be closer to 35% when the taxes and insurance are added to my mortgage payment.
I really think I'm worried over nothing, but I've never been throught this process. Do any of you think I would have a problem with getting this loan closed? Closing date is October 8th.
