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MORTGAGE

Valued Contributor

MORTGAGE

My middle Fico score is 590. Can please someone tell me what lender would approve me for 75,000 house?
 
Thanks
Message 1 of 15
14 REPLIES
Moderator Emeritus

Re: MORTGAGE

How much do you have to put down?
Do you have 12 months of documented rent payment history?
How many open trade lines do you have?

When was your last late payment?
Message 2 of 15
Valued Contributor

Re: MORTGAGE

Thanks for your reply. I can put 10 percent down. I dont have any late payments for last 2 years. I make over 75,000 a year.
 
Thanks
 
Message 3 of 15
Moderator Emeritus

Re: MORTGAGE

2 years of clean payments and a 590?

Any Collections??
Message 4 of 15
Moderator Emeritus

Re: MORTGAGE

Best FHA UW guidelines link I could find.

http://www.comunitylending.com/loanlib/FHA/FHA_Underwriting_Guidelines.htm
Message 5 of 15
Valued Contributor

Re: MORTGAGE

yep I have 7 collection accounts almost 2 years ago.
Message 6 of 15
Valued Contributor

Re: MORTGAGE

 
 
Has anybody used that website for mortgage. It is wells fargo website and it says they can approve for a loan even if u have open collections. tax liens and credit score as low as 500..
 
 
Thanks
 
 
 
 
Message 7 of 15
Valued Contributor

Re: MORTGAGE

Thanks Tim for the link, It does have a great information. I am renting place from my friend. So I dont have any certain date to pay rent. I do pay through bill pay but different date every time. How can FHA check that I am paying rent on time?
 
Thanks
Message 8 of 15
Moderator Emeritus

Re: MORTGAGE

I would be get a back dated rental agreement together.

Get the payment history, canceled checks, what ever you have together before the app.

They may want the CA's paid- Go talk to an FHA lender.

I am sure some experts will chime in anytime now..
Message 9 of 15
Valued Contributor

Re: MORTGAGE

Thanks for your reply Tim. You are right. I talked to local FCU and they told me that can finance my mortgage loan if i pay all the unpaid collections. But it will be a long process. First I will have to pay all the collections then I have to notify all the CRA'S. It might be like 2 months process. What do u think?
Message 10 of 15