12-06-2012 10:51 AM
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
12-06-2012 11:56 AM
Based on the info you provided; I don't see any reason why you would be denied.
12-06-2012 12:35 PM
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.
12-06-2012 12:51 PM
12-06-2012 06:04 PM
12-07-2012 05:07 AM
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/we
12-07-2012 06:47 AM
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!
12-10-2012 01:22 AM
+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.
12-10-2012 02:43 AM
I'm doing VA and my DTI is around 51-52%.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.