10-26-2012 06:00 PM
Ok so I am buying a house with an FHA mortgage. My mid score is 645 and my income is around 16k a year. Only payment is $169 for a car. My bank pre approved me and I am making an offer on the house tomorrow for 43k. The bank already has my payment history from past landlords, information on the property, and knows I'm putting down 6.5%. I also have an inspector picked out for when that needs done.
If the seller accepts my offer, what else can I expect to have to do with the bank to close the loan?
10-26-2012 10:40 PM - edited 10-26-2012 10:42 PM
It can vary. You may have to write letters explaining any negative information such as overdradts and or negative credit remarks.You should be fine. Fha is not that hard to get if the scores are there along with reliable employment and consistently good behavior.
10-27-2012 04:13 PM
be prepared for unexpected paperwork or LOE's. Our FHA inspector nitpicked flaking paint. On landscaped rocks etc. The seller was 86 so my son and I went over and pitched in. In hindsight it was very easy. If your score is there, Dp, and you have a decent underwriter you will be fine. I know you will worry anyway, but try to enjoy the process and congratulations. I actually enjoy cutting that check every month!!!