My husband and I are going to be applying for a mortgage within the next 4 months. What do you think our chances of being approved are?
$50k per year
DTI is 12% (contains car payment and 1 credit card)
Fico is 720
credit report has 2 negative marks: bankruptcy from 2005 (spouse lost job. So we filed on everything including an FHA mortgage) and $40 medical bill that went to collection ( paid once we realized it was there)
We have not made any late payments at all.
It was CH 7 and the house did go into foreclosure. Sheriff sale was held May 2007. Is that the date you are asking for?
I did notice that the foreclosure is no longer on my credit report.
This whole process is going to make me a nervous wreck before it's over with.
I thought as long as you wait it out you were ok.
If this another one of those underwriter calls, where you fit the mold but they still say no.