Mortgage Loans

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Valued Contributor
StartingOver10
Posts: 1,512
Registered: ‎03-06-2010

Re: My FHA Odds

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‎01-30-2013 08:25 PM

Also remember the underwriting criteria for an FHA loan is substantially easier than it is for a conventional loan. Especially if you have a high LTV conventional loan the ratios are lower and the score requirement is higher.

Current: TU 719 Nov 2012 and EQ 682 Nov 2012
Goal: 720 by mid 2013

In the garden now .....
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JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: My FHA Odds

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‎01-31-2013 06:26 AM

Also remember what qualifies today may not qualify in a year from now.

Qualifications change, rates change ( which impacts how much house you can buy), credit minimum scores change, and changes in programs can happen also.

Good Luck
May all your dreams and wishes become a reality!
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: My FHA Odds

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‎01-31-2013 06:39 AM

+1, the 4x your salary rule is based on the current rates. When rates change, the way the max home price is calculated may change.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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Frequent Contributor
js0319
Posts: 281
Registered: ‎02-27-2012

Re: My FHA Odds

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‎01-31-2013 06:12 PM

I would say that with absolutely no debt you would be fine with something in the low $200's - assuming you also have the money for down payment, closing costs, etc. Don't put yourself in a situation where you're assuming salary increases and end up being house broke.

Starting Score: EQ FICO 544 (2/21/12)
Current Score: EQ FICO 620 (4/18/2013) EX 611 EQ 592 TU 567 (Lender Pull - 11/29/12) USAA FAKO's: EQ 630 EX 643 TU 599 (3/19/2013)
Goal Score: EQ 700

Wallet: Capital One Secured MC: $300 - Orchard Bank Gold MC: $300 - Texell FCU Platinum Bonus VISA: $2500
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BCullum
Posts: 157
Registered: ‎01-09-2013

Re: My FHA Odds

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‎01-31-2013 06:44 PM

Aren't there limits to FHA loan size wise? I know in the counties we were looking in, the Max they could give us was 280k iirc.

 

Lender Pull EQ 745 EX 734 TU 722
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: My FHA Odds

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‎01-31-2013 06:55 PM

Where I live, the max is in the upper 400's. we took out an FHA loan for $347,900.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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BCullum
Posts: 157
Registered: ‎01-09-2013

Re: My FHA Odds

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‎01-31-2013 06:56 PM

which state?

Lender Pull EQ 745 EX 734 TU 722
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JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: My FHA Odds

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‎01-31-2013 06:57 PM

Another issue with this scenario is it is a Condo. Requirements and rates usually are different......

Good Luck
May all your dreams and wishes become a reality!
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MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: My FHA Odds

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‎01-31-2013 06:58 PM

CO
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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