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What are my chances for fha approval next month???

Established Member

What are my chances for fha approval next month???

Hello Everyone-I will be 24 months post BK next month. My conventional WF mortgage (that I acquired in 2006) was IIB. I have been looking forward to becoming a homeowner once again and hope to be able to confidently apply soon. So here I go... I have opened 3 cards since my discharge Cap 1 secured 400$ , Cap 1 rewards unsecured 2k, NFCU now unsecured was 1k now 4.5 cl. Just purchased a car through NFCU 60 mo's 1.79%. I am thrilled.  I transferred the 1k NF put back in my savings on my new car loan. Pretty cool. My scores are going up, EQ especially. I'm shooting for a mid score around 680 by mid-Dec. I plan to go through Navy Fed as they seem to have the best rates and they are really pleasant to work with. I have a decent income but just started this job a month ago. My employment background is otherwise stable. Should I go for it or wait? Any thoughts of concerns or otherwise is so much appreciated in advance. Thanks Everybody!

Starting Score EQ 568 EX 638 TU602
Current Score: EQ NFCU 68810/12 TU MyFico 9/12 678 EX USAA 660 10/12
Goal Score: 700 middle
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2 REPLIES
Valued Member

Re: What are my chances for fha approval next month???

Has your income increased with this new job? FHA likes to see two years steady employment preferably with the same employer and your income should be stable or increasing. I know they only require 2 years since bankruptcy, so you should be good there. Good job on increasing your scores!


Starting Score: 674 8/2010
Current Score: Your TransUnion FICO® score:
703
On November 17, 2012

Goal Score: 720+


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Message 2 of 3
Established Member

Re: What are my chances for fha approval next month???

Yes up about 14k. Very awesome. I'm concerned about my prior mortgage IIB. That is the way it reads on my reports but they foreclose too. So, I am reading alot of conflicting info so I am unsure about the waiting period. I hope it's two years. Thank you so much for the congrats!  

Starting Score EQ 568 EX 638 TU602
Current Score: EQ NFCU 68810/12 TU MyFico 9/12 678 EX USAA 660 10/12
Goal Score: 700 middle
Message 3 of 3