Follow up on FHA Loan

[cmunlin97]

Hello,

First I want to start off by saying, thanks to everyone who responded to my last question.  Many of the issues are resolved, but I want to get a little more advice.  As you recall I had massive fraudulent activity on my credit, that consisted of 12 fraudulent mortgages that went into foreclosure in Detroit (never even lived in MI).  My credit score has recovered and I now have all the foreclosures off of my, but there is still one showing on my EX and TU, but it only showing a 30 day late payment 3 years ago.  My DTI is around 15% right now and my income is about $115k per year with my fiancee's at about 45k per year.  All of her scores are right at 700, with her high at 721.  My new scores are EQ 641, TU 646, and EX Plus Score of 642.  Eventhough, I still have a few blemishes on my file including a charge off from Univ. of PHX that has been paid off, what do you think my chances are of being approved?  Thanks.

[DallasLoanGuy]

not enough info really.....

but i dont see anything holding you back from getting an fha loan

[cmunlin97]

What other information do you need, I can provide you with whatever you'd like.

[DallasLoanGuy]

you need to apply.

 we arent looking at your credit rport or job history, ect.

i think you look fine.

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=26264

[cmunlin97]

1. Credit.  TU 646, EQ 641, EX 642 (Plus Score) Negatives are mentioned above.  I also have a tax lien that has been removed on two bureaus, but still showing on EX, it's from 01 and has been paid and is accompanied with a letter from the state saying it has been removed
2. Income.  Last two years averaged about $115k with a base of $49k and about ~$65k in commissions.  My fiancee owns her own business for the past two years and after all right downs her profit statement has averaged about $45k
3. Source of income.  See above
4. Monthly debt payments.  My rent is $1295 and hers is $895.  I have a car payment of $434 and she has none.  I have a student loan for $101 per month and she has none.  Finally, we rarely carry any CC debt, but at the most our minimums add u to $100 a piece
5. Employment (for those who are employed).  See above
6. Assets/Reserves.  I have roughly $12,000 in an ING account, along with about $8,000 in my 401(k).  I also have an IRA that has about $2,500 in it.  I have another $5,000 in private investments.  I also have about $4,000 in an HSA account.  Finally, I have another $1,200 in an E*Trade account.  I'm not as sure of my fiancee's breakdown, but she has about $15k in various savings and checking accounts
7. Location.  Denver, CO and we're trying to get an FHA loan
8. Property.  Single Family Home
9. Value.  The home has been appraised for $235,000 
10. Occupancy.  Primary residence
11. Transaction Type. Purchase

Hopefully, this is more information that can help anyone with any advice.  Thanks.

[Anonymous]

Your income, debt, and employment looks pretty good. I don't know about that the fraud activity, you'll probably have to deal with that on an individual basis with your lender.

If she's self-employed they need certain proofs but i don't know much about that. I'd just call a lender and tell them your story, see what they say

[DallasLoanGuy]

you will need to provide 2yrs tax returns when you apply.... commission and self employed people tend to write off a lot and that reduces income.

[cmunlin97]

Thanks for the information, neither of us wanted to go down the path of writing things down, because we knew we wanted to buy a house.  I have plenty of court documentation showing the fraudulent signatures and information used to obtain these mortgages, so I'm hoping this is enough to get approved.  Thanks again.

[cmunlin97]

I just wanted to give an update on my application.  Yesterday my fiancee and I received our approval letter and we are set to close on the 23rd of this month.  Thanks to all of the advice and information that takes place on this forum, because I wouldn't have even applied with out it.  This is one of the best forums out there and can really help those of us that are trying to improve their credit.  When I started my journey last year I was in the low 500s for all of my scores and now I'm at EQ 641, EX 642, and TU 646.  I'm not stopping with a simple approval, I am headed to 700 and eventually I'll get to the 800s.