Should we qualify?

[Anonymous]

1. Mortgage Credit Scores:  

• What are your fico MORTGAGE credit scores for each mortgage applicant?  662, 675 688

2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:

• Type: Chapter 7 Bankrupty discharged 12/13.  No late payments 
• Status:
• DOFD: none
• Most Recent: none
• Miscellaneous:

3. Gross Income. 90k/year W2 salary

4. Source of income.  Been with same employer for 5 years..transferring to a new state, but staying with same company.

5. Monthly debt payments. 

$478--car payment, around 6k in credit card/care credit (medical) with $150 monthly payment and $338 a month for a personal loan we used to put a new roof/repairs on current property.

• HOA fees seem to run between 0-45 dollars a month in the area we are searching.

6. Employment (for those who are employed). 

• 13 years in field, 5 with current company

7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).

• Savings -4000
• Checking-7000
• Just placed house on the market, should net around 16-20k on sale.

8. Location:  Northeast GA, Gwinnett County

9. Property Description: 

• Single Family, good to very good condition

10. Property Value. 

• Want to stay around the 250k mark or below.  average house we are looking at is 4-5 bedroom, 3000 sqft with .50ac or more land.

11. Occupancy. 

• Primary residence
• 2 adults, 3 kids

12. Transaction Type.  Must do an FHA due to chapter 7 time limits.  This will be our first big purchase since the bankruptcy and I am very nervous that we will be rejected.  Hopefully this is an irrational fear.  We are moving to a new state and life is very hectic right now.  Would we qualify under an average FHA lender requirements?  I am looking at Mortgage Lenders of America specifically. I don't have time to pursue lots of loan officers so just wanted to see if we would generally be okay where ever we went to apply.

Also curious about requirements for a 203k loan. We have seen several houses with unfinished basements in the 210-220 range and wanted to see what our options were for adding basement renovations in to a loan?

[Anonymous]

1. Mortgage Credit Scores:  

• What are your fico MORTGAGE credit scores for each mortgage applicant?  662, 675 688

2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:

• Type: Chapter 7 Bankrupty discharged 12/13.  No late payments 
• Status:
• DOFD: none
• Most Recent: none
• Miscellaneous:

3. Gross Income. 90k/year W2 salary

[Anonymous]

4. Source of income.  Been with same employer for 5 years..transferring to a new state, but staying with same company.

[Anonymous]

5. Monthly debt payments. 

[Anonymous]

$478--car payment, around 6k in credit card/care credit (medical) with $150 monthly payment and $338 a month for a personal loan we used to put a new roof/repairs on current property.

• HOA fees seem to run between 0-45 dollars a month in the area we are searching.

6. Employment (for those who are employed). 

• 13 years in field, 5 with current company

7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).

• Savings -4000
• Checking-7000
• Just placed house on the market, should net around 16-20k on sale.

8. Location:  Northeast GA, Gwinnett County

[Anonymous]

9. Property Description: 

• Single Family, good to very good condition

10. Property Value. 

• Want to stay around the 250k mark or below.  average house we are looking at is 4-5 bedroom, 3000 sqft with .50ac or more land.

11. Occupancy. 

[Anonymous]

• Primary residence
• 2 adults, 3 kids

[Anonymous]

12. Transaction Type.  Must do an FHA due to chapter 7 time limits.  This will be our first big purchase since the bankruptcy and I am very nervous that we will be rejected.  Hopefully this is an irrational fear.  We are moving to a new state and life is very hectic right now.  Would we qualify under an average FHA lender requirements?  I am looking at Mortgage Lenders of America specifically. I don't have time to pursue lots of loan officers so just wanted to see if we would generally be okay where ever we went to apply.

[Anonymous]

Also curious about requirements for a 203k loan. We have seen several houses with unfinished basements in the 210-220 range and wanted to see what our options were for adding basement renovations in to a loan?