Should I go ahead and take the plunge? What are my chances.
Credit - TU -704, EQ - 669. No lates since 04, PIF medical collection 2-09 (trying to get removed thru HIPPA process), Charged off electric bill from 2004 $300, Unpaid Medical bill $1700. Utliz is around 10-15% on 3 cards.
Income - 3420 gross a month
Employment - 5 years at the same company
Monthly debt payments - Car payment $286, CC $45 min payment, School loan $64
Assets/Reserves - 3.5% down for FHA. I have an addtion 2k in savings.
Location - Tx, Denton County, Taxes est $3800
Property - Townhome
Value - Currently priced at 135k, Seller will contribute 3k in CC
Occupancy - Primary residence
Transaction Type - Purchase
Message Edited by 700bound09 on 06-01-2009 12:56 PM
Re: Should I go ahead and take the plunge? What are my chances.
Have you had them run the numbers on what the closing costs would be for the property? 2K is a good start but will most likely not cover the closing costs...unless you can get the seller to pay them.
Re: Should I go ahead and take the plunge? What are my chances.
Didn't crunch any numbers but from my experience it might be tight getting approved for $135k. You're probably right in the neighborhood though so i hope it works out for you!
