In late December, I signed a contract for a new construction home through Taylor Morrison builders. I applied for an FHA loan through Taylor Morrison Home Funding. They pre-qualified me, obtained tax documents, pay stubs, IRA info, and other pertinent info. They did automated underwriting, and as far as I know it went though ok. At least ok enough for Taylor Morrison to send me to the Design Studio to pick out upgrades. Just this week they broke ground on the house. I just got an email from the "client coordinator" who says she will review my loan application in the next week. On their website, it looks like every application goes through manual underwriting. I am optimistic but nervous. Here are my details...
I short-sold my home in 2009. That is the only negative thing on my credit report.
FICA score is 709.
Income is $130,000...been at job almost 5 years...been in field 14 years.
Monthly debt (other than rent) is $1850. This is primarily student loan ($1000 per month) and car payment ($330 per month). Credit Card utility is high.
Home loan would be for $339,000.
With FHA, I am putting down 3.5%
What do you think?
