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This is our second home purchase. Another FHA loan. We sold our first house last month at a loss ($20K)... it was not a short sale... we supplied the deficit equity at closing (half with our savings and half with a credit line). We are preapproved for $30K more than the price of the house we made an offer on. It is all under my husband's name who has a 713 credit score. We made every mortgage payment on time, but there are some 30day lates on a few low balance credit cards (which were later paid in full). Also, I just turned in a ton of bank statements to the underwriter and noticed that one of them showed an overdraft of $451 pulled out of our savings (which at the time had nearly $15K). Other than that I can't think of anything negative... we were relocated to our new location which is why we accepted a loss on the sale of our house. Some of the down payment funds are gifts (since we drained our savings on the sell).
Should there be any problem I should be prepared for as the underwriter looks over our information?
We have been living with family the past 6 months and are so close to finally getting on our own again, but I am very worried due to all the negative news I hear about the housing, mortgage and banking fields.
fha hasn't changed as far as qualifying... just the fico requirements.
expect to explain the overdraft if they cant do a vod to get around it.