Re: Starting the fha loan process!
10-07-2012 11:14 AM
Hello Everyone. Figured I would start a thread I can vent on for the next 30 days :-)
My DW and I got our pre qual last week at 3.625 FHA with 3.5% down. The house is just over 200k.
To our delight, the only house we were really looking at we were able to get our bid accepted and were now under contract offically last friday. I am depositing some gift money on monday because the official application will begin on tuesday. I am nervous about everything but I calculated our ratios and looks like we are at 24/36 and I believe FHA si 31/41 or about that.
This is our first home and we are very excited to get through the loan process. It is a little nerve racking so it is nice to be on this forum with some fellow people going through the same ordeal.
You should be fine. If anything, the underwriter may request copies of your bank statements.
Bear in mind that FHA mandates that your downpayment must be buyer sourced. Gifts or seller concessions (up to a limit) can be applied to closing costs, but the downpayment itself must originate from your own funds.
Amex Platinum NPSL - Citi HHonors Sig. $42k - BMW Ultimate $36k
Chase Sapphire Preferred $42k - Merrill Lynch + Signature $33k - USAA Rate Advantage $20k
NFCU Flagship Signature $33k - USAA Cash Rewards AMEX $20k
Citi Platinum Select / AAdvantage Signature $23k