I am attempting to buy a house with a fha loan..I started in march paying off all my collections and have just finished...all paided...i have one capitol one card below 10 pct usage and a wells fargo car loan .. the house i want is now being built and wont be ready till around late dec.. I have a ;preapproval letter but i know they only last 90 day in which i will be run thru again.. I was approved even though i had not ;paided off my collections .. 90 percent being medical..I have read that you dont have to ;paid off med collections with FHA ..but i want to have zero balance on all for the UW..i have been on the same job now for 32 years even though i retired in 2013 but work for the same company same position part time..my total monies coming in gross now are about 7000 per month....all i have is my car note 569.00 and my credit card 25.00 per month.. Now the problem is over the last year i had a bad medical issues that were serious and i was late30 days once on my car payment and credit card was seriously late,within the last year, but in april caught it all up and now had been perfect since then.. My LO officer stated that would not be a ;problem with an LOE Letter .. my doctor is willing to also write a letter that i was severely ill.unable to work ..My LO also stated by dec my scores should be around 640 and i would qualify for FHA.. i have the 3.5 % down monies i need and if needed i could go 5 % down also and the loan about will be about 386000 thousand..Will the letter and the fact of my paiding off all collections and the six months being perfect ,score , 32 years on the same job be enough? according to my mortgage broker i should be fine...anyone had a experience in a situation like this with a LEO LETTER explaining the late payments...? thanks for any answers.. I Feel so good about paying off everything since being sick. ..one last step to my home..!..
