https://ficoforums.myfico.com/t5/Mortgage-Loans/Do-we-have-a-chance-at-approval/m-p/1548520#M101975 <P>I am a total mess right now because I have no idea if we have a chance at being approved for a mortgage. Here is a little about our situation:</P><P>&nbsp;</P><P>I think my mid score is going to be 643 when we meet with the lender in two weeks. We have had no late pays or collections in over a year. If we get the mortgage, our DTI after the mortgage will be 19%. What I am concerned about is that after we pay the down payment and if we can roll closing costs into the loan, we will only have about $2,000 left in savings. We also have not been paying any rent because we live in a family home now. (I have been using all our money to pay off things, we have no debt right now except my student loans and one credit card with a minimal balance.)</P><P>&nbsp;</P><P>Do you think we could be approved for the loan? Our lender suggested FHA but he hasn't pulled credit or looked at bank statements or anything.</P> Mon, 20 Aug 2012 14:23:17 GMT Anonymous 2012-08-20T14:23:17Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Do-we-have-a-chance-at-approval/m-p/1548520#M101975 <P>I am a total mess right now because I have no idea if we have a chance at being approved for a mortgage. Here is a little about our situation:</P><P>&nbsp;</P><P>I think my mid score is going to be 643 when we meet with the lender in two weeks. We have had no late pays or collections in over a year. If we get the mortgage, our DTI after the mortgage will be 19%. What I am concerned about is that after we pay the down payment and if we can roll closing costs into the loan, we will only have about $2,000 left in savings. We also have not been paying any rent because we live in a family home now. (I have been using all our money to pay off things, we have no debt right now except my student loans and one credit card with a minimal balance.)</P><P>&nbsp;</P><P>Do you think we could be approved for the loan? Our lender suggested FHA but he hasn't pulled credit or looked at bank statements or anything.</P> Mon, 20 Aug 2012 14:23:17 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Do-we-have-a-chance-at-approval/m-p/1548520#M101975 Anonymous 2012-08-20T14:23:17Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Do-we-have-a-chance-at-approval/m-p/1548536#M101976 <P>Not sure how they will handle the rent portion although lots of people do as you are doing with living with family while prepping to buy a house. As for the only having 2K in the bank after closing you should be fine as with FHA you typically do not have to have reserves.</P> Mon, 20 Aug 2012 14:31:06 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Do-we-have-a-chance-at-approval/m-p/1548536#M101976 Anonymous 2012-08-20T14:31:06Z