topic Re: Do I have a chance? in Mortgage Loans

Do I have a chance?

Anonymous — Tue, 15 Jan 2013 03:10:41 GMT

Credit = Tran 750, EQ690 not sure about exp

Income = around 4k gross monthly

Source of Income= at current job for 5 years

Monthly debt payments = credit line 215 (owe 2800 on it)

Location = Eastlake, OH

Property= Single home

Price = 114k

Type = FHA? I think

I found a beutiful 3 bdrm, 2.5 bathroom dream house that is for sale by owner. I have 6k saved up, with another 8k to have within a month ( bonuses, tax return). I dont have any collections, late payment from May 2011. Do I have a chance of getting a loan? Am I better of going with a broker instead of dealing with a bank? If so does anybody know any good brokers in Cleveland, OH area?

Re: Do I have a chance?

Anonymous — Tue, 15 Jan 2013 23:49:14 GMT

anybody?

Re: Do I have a chance?

Billybob_TX — Wed, 16 Jan 2013 00:01:51 GMT

Looks great to me, but I'm no pro. Check with a local CU if you use one, or whoever you bank with if they are local banks, avoid large banks. Good luck!

Re: Do I have a chance?

Anonymous — Wed, 16 Jan 2013 01:42:13 GMT

+1 to whipster's remarks.

Your numbers look fine for the amount of house you are looking for. $2800 on your CC shouldn't be too bad although paying that down would result in less utilization which only makes you look better. The amount of funds you have available for downpayment and/or closing are more than enough for an FHA loan. You might even consider conventional or other regional programs, as FHA doesn't tend to offer the best rates. Definitely speak with an originator or a broker. Having a realtor that comes recommended from someone else can go a long way too, as they will be able to put you in touch with all the right people.

Re: Do I have a chance?

Anonymous — Thu, 17 Jan 2013 19:42:02 GMT

Easy loan approval. You should have no issues according to what you stated.

Re: Do I have a chance?

Anonymous — Sun, 20 Jan 2013 04:19:19 GMT

Thanks for all the replies. I went in and talked to broker on Wednesday and got pre-approved for 190K . I am so happy right now. Just a year ago my credit scores were around 550. I talked to the seller and we signed a purchasing contract thursday. I handed everything to the broker on friday night and he is going to start the process on Monday. He told me I will have keys to my new house in less than 40 days, which cant come fast enough.

Re: Do I have a chance?

Anonymous — Sun, 20 Jan 2013 05:19:09 GMT

I think you need to find a house first? lol

Good Luck and congrats!

Re: Do I have a chance?

Anonymous — Sun, 20 Jan 2013 19:05:32 GMT

Congrats on getting preapproved and signing a contract on your new home! Please keep us updated!

Re: Do I have a chance?

Anonymous — Sun, 27 Jan 2013 00:00:44 GMT

I got the home inspection done yesterday and there were no issues at all. Appraisal is on Monday and this is putting me under a lot of stress. You never know what the house is going to appraised at. I signed a contract for 123500 and honestly house should cost way more. I also got a 40 by 42 vacant lot included. House has been remodeled in 2010. Brand new kitchen, finished basement brand new furnace. Roof is 3 weeks old. I'm hoping everything goes thru since seller wont come down with the price.

Re: Do I have a chance?

Anonymous — Sun, 27 Jan 2013 00:02:28 GMT

Single Family Residential
3 Bedrooms
2 Bathrooms
1 Partial Bathroom
2,099 sqft
Lot Size: 6,098 sqft
Built In 1951
Stories: 2 story with basement
A/C
Heating: Gas
Exterior Walls: Siding (Alum/Vinyl)
7 Rooms
1 Unit
Basement: Improved Basement (Finished)
Style: Colonial
County: Lake
Tax Rate Code Area: 34

Year Value Land Improvements Total Tax

2009	Market	$24,720	+	$93,820	=	$118,540
2011	Assessed	$8,650	+	$32,840	=	$41,490	$1,898 (2010)

Re: Do I have a chance?

Anonymous — Sun, 27 Jan 2013 00:21:26 GMT

You can do some of your own comparables to get an idea what the home will appraise for.

Check listing prices of homes in the area, and mainly check selling prices of the homes in the area. The comparables have to be pretty similar as far as rooms, sq ft, additional features etc etc..

There are many different sites to get this information from. Just understand that they are Third Party Sites and may not be 100% accurate, but can give you a feel of what to expect.

Re: Do I have a chance?

cclee — Sun, 27 Jan 2013 15:28:26 GMT

One of the best sites i've found for comparables is the Chase site, like JM-AM said, they are not 100% accurate but give you an idea, plus pull the recent sales around you. Here is the link to the Chase site.

https://www.chase.com/online/Home-Lending/home-value-estimator.htm

Re: Do I have a chance?

payingoffdebt001 — Sun, 27 Jan 2013 16:51:25 GMT

Congratulations and keep us posted on the progress!

Re: Do I have a chance? Feb 4th update

Anonymous — Mon, 04 Feb 2013 20:00:50 GMT

Been very sick past few days, lost ~8lbs not good. House got appraised at 139k so I'm really happy with that. Just got a few things from UW to take care off: 30 days paystubs, bank statement for January and statement showing earnest money taken out of my account. Pretty easy if you ask me

Re: Do I have a chance? Feb 4th update

payingoffdebt001 — Mon, 04 Feb 2013 20:27:21 GMT

That's great to hear! Not that you've been sick but hte conditions needed - awesome!

Re: Do I have a chance?

Anonymous — Mon, 04 Feb 2013 20:33:03 GMT

Yep those conditions mean smooth sailing! I had to provide all of the same things and I have 50% approval...waiting for the other underwriter to approve. So things are moving along for you nicely. :-)