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Stumbled onto this forum

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Anonymous
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Stumbled onto this forum

I've been reading posts here regarding FHA loans.  I have been under the assumption, because of my husband's and my bad credit there was no way we would be approved.  I have been working on fixing our credit with some progress.  Now I'm wondering if we might possibly be able to quailfy for an FHA loan at this point.  All our bad stuff on our reports date back to 2003, some paid, some not.  I do have one charge off from 2006.  We have been at our jobs with our county for 16.5 and 18 years.  We grossed $96,000 last year. We have been at our current rental for 3.5 years with perfect payments.  We both have retirement accounts with a combined total of about $90,000, only thing is that it is CalPers, so I'm assuming this wouldn't count as liquid as we can't touch it unless we separate or retire from the county.  What do you think?  I would absolutely love to be able to stop renting and actually own something and get a tax write-off.  Even with claiming 0 on our taxes, we still owe every year.
Message 1 of 9
8 REPLIES 8
southernficoaddict
Frequent Contributor

Re: Stumbled onto this forum

What are your credit scores?  DTI? 
Message 2 of 9
DallasLoanGuy
Super Contributor

Re: Stumbled onto this forum

scores?
county, st?
any other liquid assets?
you would be surprised at what can get approved.
 
Retired Lender
Message 3 of 9
DallasLoanGuy
Super Contributor

Re: Stumbled onto this forum

do you have a few good accounts reporting?
if you know your scores, where did you get them?
 
Retired Lender
Message 4 of 9
Anonymous
Not applicable

Re: Stumbled onto this forum

dti=27%
I have two good open tl's, none for my husband, we've been living on cash since we had problems back in 2003.
From MyFico:
The only score I now for now is Experian=652 as of 08/15
Scores as of 06/30 were TU=606, Equifax=618, Experian=619
Don't know any of my husbands
We live in Santa Clara County
No other liquid assets


Message Edited by vankat on 08-23-2008 09:00 PM
Message 5 of 9
DallasLoanGuy
Super Contributor

Re: Stumbled onto this forum

you have a great chance at fha..... if you are within loan limits
 
Retired Lender
Message 6 of 9
Anonymous
Not applicable

Re: Stumbled onto this forum

wow, i never would have thought!  now that they've raised the limits and with all the foreclosures around here, maybe we could find a nice condo.  i think we should talk to someone asap, as i'm hoping to use a downpayment assistance program, and i just read today that we aren't going to be able to use that after next month, correct?  thanks for your thoughts.
Message 7 of 9
BrianB_The_Loan_Professor
Valued Contributor

Re: Stumbled onto this forum

You need to be in contract asap for DPA
Many lenders have already said they will stop taking new apps soon and you have to through final underwriting by 9/30
Thats not much time with the back log of others trying to get in under the gun
 
Brian
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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 8 of 9
DallasLoanGuy
Super Contributor

Re: Stumbled onto this forum



vankat wrote:
wow, i never would have thought!  now that they've raised the limits and with all the foreclosures around here, maybe we could find a nice condo.  i think we should talk to someone asap, as i'm hoping to use a downpayment assistance program, and i just read today that we aren't going to be able to use that after next month, correct?  thanks for your thoughts.


as of today, that is correct. i have seen guidelines change and then get changed again within 2 days..... so we 'hope' they stay around 30 more days.
everyone is nervous right now
 
apply

 
Retired Lender
Message 9 of 9
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