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I am interested in buying a foreclosed house. We are currently renting it but we were contacted by the bank to notify that the owner has defaulted. They offered to shortsale on what the owner owes, which is around 100k on a 140k house. What are the chances of a loan approval? I have a short credit history of 2.5 years since I just got out of school. I make 53k a year and my dti is 6/18. Most I can afford for the downpayment is around 8k out of pocket but I can pull from retirement up to 20k. Will my credit portfolio look acceptable to a lender? An option for me is a Section 184 loan through HUD but the first lender I talked to was not familiar with it. Put in prequal's to a local CU and Wells Fargo but haven't heard back.
Sorry, my TU is 732, eq is 712 and the last EX I got from a creditor was 718 I think. Reasons for the low scores on myfico are number of inquiries and age of accounts.
This is a quick summary that gives everyone a clearer picture of what your credit profile looks like. But your scores look good.
GO FHA and you won't have to give up your 401K. Or try USDA if your income qualifies.
I lived in Fairbanks for almost 3 years and I love Alaska SO MUCH!
Fairbanks is a nice town, I went to school at UAF. I got a prequal back from Wells Fargo and a CU, both offered tentative rates of 3.25% $835 @ 15yrs that shouldn't change as long as my scores stay the same. I was worried that the number of inquiries on my accounts would be a negative indicator but both loan officers told me that those are considered but not weighted much. FHA rates were almost 120 more per month with the only benefit being a lower downpayment. These rates are through the HUD 184 loan program.