Going through FHA - wanted a few questions answered.

[Anonymous]

Hello,

I'm currently looking to buy an existing home with an FHA loan. Wanted to see if from a few pieces of information if my approval chances seem good. My LO seems to think I'm good to go, but as always, I'm worried!

Home value is $225000. Down payment of 3.5%

Base salary (annually) is $71,000. However, I work overtime, every pay period that works out to me making between 88000-92000 a year (This is what my LO said she was going off of).  Been employed at the same job for around 3 years.

Savings: 7000 | 401k: 19000 | Note: This is savings after the downpayment has been taken out already.

Front End DTI: Around 12-13% | Back End DTI: 35-36%

Credit Score: 730

No lates, overdrafts, or collections or any negative marks. Every payment ever, on time. Most of my DTI upfront is from credit card debt, but I'm under 30% utilization on everything. Two installment loans including student loans. Current rent payment is 950, new home payment around 1400 - so not a whole lot (if any) of payment shock.

Do my chances look pretty good?

[Anonymous]

Im in a similar situation but my CC utililzation accross the board is 51% and I was approved.  My husband and I are 3 years out from a foreclosure as well.  Good luck to you.

[Anonymous]

Your chances are just about guaranteed unless something crazy happens. For perspective, I just closed last week on my house with a 619 middle score and $75k/year income. One repo and a couple of paid collections on my report. $176k FHA. You're in really good shape. I'd even consider going conventional at 5% so you can get rid of PMI without a refi.

[Anonymous]

your fine. just dont go racking up a ton of debt, like buying a new car or maxing out your credit cards.

[DallasLoanGuy]

apply with confidence.

why fha?  you should be going conventional

[Anonymous]

Thanks for all the replies, it's comforting.

Turned in my loan documentation and signed all my disclosures and such today.

Even though I'm under 30% total utilization on my cards, I still have around 13k spread across em (have high CLs on all of them). Hope that doesn't make a difference. This along with 15k in student debt. 

I still came out good in the net worth column though, with a positive number. Unfortunately my credit score for the middle was 690....my high was 730. Does this all still sound ok? I'm a constant worrier....I have a move in agreement set in place and don't wanna move in without being as confident as I can be. Thanks all!