Credit: 679 My Fico score
1 credit card account closed – last 90 day late Jan ‘08
1 collection acct = Paid in Full - $100 medical bill Paid Nov 07
All other credit card accts are either Paid in Full or below 10% utilization – No lates
Income: $54,500 annual income
Source of Income: Employment
Monthly Debt Payments: Student Loans $142.00, Car $390, Personal Loan: $289
Employment: Full-time employee
Assets/Reserves: 45,000 (401K and savings)
Location: Gaston County, North Carolina
Property: Single Family Brick Ranch
Value: 175,000 – 200,000
Occupancy: Primary Residence
Transaction Type: Purchase
Based on the info you provided; I don't see any reason why you would be denied.
Yes you do. However, you need to check your middle xredit score. Lenders use the middle credit score and not the highest or lowest of the three.
I don't know if the home you are looking at is in a USDA eligible area; but if it is, and you don't exceed the income limits, you should look into a USDA Guaranteed loan. They allow a higher total debt ratio (41%). Here's the eligibility site: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.
Thank you all for the great information and advice. I will definitely check into the FHA and the USDA programs. These forums are great and the contributors are always very helpful!
+1 My broker was willing to go to 55% back end with FHA, but I wound up coming in right at 50%. I had strong compensating factors as well, including income from other sources that couldn't be counted (not court-ordered).
Im doing FHA and our ratio is over 50 percent.
I'm doing VA and my DTI is around 51-52%.