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Absolutely!
Breakdown:
Mid FICO of 637 (reduced due to hard pulls from first few banks I "shopped".
Purchase price $350k; appraised at same. (Smaller model down the street just sold for $425 last month)
Sellers paid all closing costs, including a point buy-down. (They wanted to net a certain amount; we adjusted the price accordingly).
I was the only person on the loan--they weren't able to use my husband at all due to a BK from is previous marriage and student loan lates.
FHA loan, 3% down- out of pocket to me $10,500 for DP, and I paid off my two credit cards so they could approve me. So a total of about $12,000.
My only other debt is a $412 auto loan.
They used my annual salary of $49,000, plus my National Board's increase that puts me over $60,000.
They added my annual child support (and allowed me to use a range of 6 months instead of three because ex-H has been giving me cash for the last two months) which brought me up to $72k.
Compensating Factors:
They established "future earnings" because the NB certificate is good for 10 years and I was able to prove that the supplement is slated to continue.
We have three months reserves in the bank.
Conservative use of credit (I have 4 revolving accounts, they are kept low, and I paid the last two off yesterday. Our plan is to use one for gas and groceries and pay it off every month in order to build credit score.)
Keep in mind that we would never have done this if we didn't have DH's "invisible" income...they aren't supposed to look at that, but it was on our bank statements, so I know they knew it was there.
We used Suntrust, and they are very conservative. I really thought it was done on several occasions. My LO was amazing and she and the underwriter definitely used common sense and thought out of the box to help us out.
Thank you for all the congrats!
Lisa