So my wife and I are renting right now but would like to buy a condo via FHA guarantee. We have found a good realtor and will use our Credit Union for financing. Our mid scores are in the 680-690 range. We had a Chapt 7 BK that was discharged in Nov of 2012 almost 3 yrs ago. There are 1-5 baddies alll related to the BK still showing on the bureaus.. All of the baddies show with a zero balance and all but two show as included in BK. The two that don't are real estate related and show as pd in full but late 120-150 days. ( Deed in Lieu - 2010) We have no collections, liens, judgements. No late pays or any other negatives since Nov 2012. We PIF all of our CC. We have established significant credit lines 110k+ since the BK and have paid off several auto loans. Our only other consumer debt is my Student loan payment $500 per month and one vehicle payment $600 per month. Our rent is currently $1354 per month. Only other expenses are hshld, food, entertainment and utilties. We have one dependant living with us. Our Gross income is approx 105k. Net income is approx 84k. Looking to qualify for FHA loan with 3.5% down 15yr fixed rate. Purchase price of condo we are looking at is 190k and the association is FHA approved. Any advice, thoughts?
I have 13 yrs in the same profession with one (1yr gap) however that was due to me deciding to run my own business FT and I have verifiable income for that year. Wife has almost 10 years experience in the same field (medical) but with different employers. Tax returns for past 10 yrs+ show stable income. Both of us are currently employed..
Looks like you'll be fine 
. Your debt and income is very close to ours and we qualified for a 320,000.000 home. And it could've been more but we didn't need anything more. Our scores were significantly lower than yours so we had to go with a mortgage broker and be manually underwritten so our rate - 4.125% is about .5 a point higher than it should be but its VA and we will just do a streamline refi in 6 months when our scores are better. Good luck!
. Your debt and income is very close to ours and we qualified for a 320,000.000 home. And it could've been more but we didn't need anything more. Our scores were significantly lower than yours so we had to go with a mortgage broker and be manually underwritten so our rate - 4.125% is about .5 a point higher than it should be but its VA and we will just do a streamline refi in 6 months when our scores are better. Good luck!
Thanks. Since My BK is technically 2yrs 11 months post D/C I may need to get an exemption from FHA but that should not be a problem per the realtor. The Deed in Lieu is 5 yrs old so that should not be an issue.
Thanks for the advice. I will mention this to the loan officer. My 3 yr anniversary is Nov 12th.
So I was pre-approved for a condo 190-200k. FHA. Relatively painless. Expressed mailed the docs to the loan officer and approved the following business day. Scores were 20-30 points higher than what I was seeing on Credit Karma. I think I am going to stop using that site and go with My FICO. Loan Officer gave me two options.
Option A-30 yr mortgage using just my income or 15yr mortgage using both of our incomes. Also stated that I could do the 30 yr and then pay it off early 16.5 yrs. Was going ot explain to me more in detail once I find a property.
Congratulations on your approval!
Glad you got it all worked out. Hope you find just what you are looking for