topic Re: DO I HAVE A CHANCE in Mortgage Loans

DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 14:55:57 GMT

Today I purchase the score watch with myfico.com and pulled a fico score of 648 with equifax, and a transunion score of 672 not sure what experian is BTW. But what I am trying to do is purchase a home within the next 6 months... My debt currently is 24K on a car loan, and 1,600 on a credit card c.l. $2000, I have three other cards but do not use them all have 0 balances.. What are my chances of getting approved for FHA loan?

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:18:26 GMT

Your chances are really good with your current scores. The $1600 balance is really hurting your scores. I would get that balance down to 9% before you apply.

If I may ask, why are you applying in 6 months versus now? FHA rules are changing on April 1st and June 3rd that will make the cost of the loan much more expensive.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:24:46 GMT

Thanks for the reply the only reason im waiting for 6 months to get down payment cash needed for FHA loan, I would love to apply and process now but I need the down payment cash first from what I understand...

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:37:16 GMT

I would contact your local housing authority and ask if they have any downpayment assistance programs. Also check with your local credit unions. I went through our local housing authority and only had to pay $2,000 for earnest money and $425 for the inspection. 3% of the downpayment required for FHA was rolled into a second mortgage and the builder paid my closing costs. I could have rolled the closing costs into the second mortgage too! My cash due at closing was $133. The home price was $347,900.

Do you have a 401K account you can borrow from for the down? The new FHA rules on PMI will be really nasty.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:46:03 GMT

While your scores are fine, other requirements need to be considered. Since you mentuon your debt then make sure your DTI qualifies or pay down the debt if you need too.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:50:19 GMT

I do have a 401k plan it only has about $1200 dollars in there so not very much cash at this time for down payment... But will down payment assistance program help with all the up front cash or am I still in need of cash before even applying for a loan? BTW I have no idea how to purchase this condo

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:54:13 GMT

Some housing authorities will pay some if not all.

As movingfoward mention contact yours and see what they have available

Re: DO I HAVE A CHANCE

DallasLoanGuy — Thu, 28 Feb 2013 15:56:12 GMT

nothing i see will be a problem. if your debt to income ratios are good.... you have a great chance

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 15:58:12 GMT

I will do thanks and my debt to income ration is only 14% that's with my car and the credit card... But will it be a crazy idea to take out a loan to get the money needed for the down payment for the home, BTW IM sure I can pay it off in 4 months just don't want to be affected by the new changes FHA has coming

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 16:06:32 GMT

You have to use your own funds for the downpayment. Any monies that aren't yours will need to be seasoned for 2 months.

There are programs like the one I did that will allow you to put your downpayment in a second mortgage or provide a grant for the down.

Re: DO I HAVE A CHANCE

DallasLoanGuy — Thu, 28 Feb 2013 16:06:37 GMT

down payment cannot be borrowed. unless you borrow against an asset you own(borrow against the title of a previously paid off car).

you can get a gift from family though.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 16:32:21 GMT

Ok im definitely going to look into the program assistance for more infornation, i do appreciate it..

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 16:42:23 GMT

Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?

Re: DO I HAVE A CHANCE

DallasLoanGuy — Thu, 28 Feb 2013 17:00:22 GMT

@Anonymous wrote:
Well another question I have is can I at least get pre-approved for a loan even without the down payment money just too see how much I can get and how much money I would need down?

yep. done all of the time.

pre-approval is 'subject to' saving the down payment funds

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 17:44:50 GMT

So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan

Re: DO I HAVE A CHANCE

DallasLoanGuy — Thu, 28 Feb 2013 17:53:08 GMT

@Anonymous wrote:
So im other words i dont need the down payment money up front to just get preapprove for a loan? I was told that I needed that money before I even apply for a loan

nope. you do not need it.

the pre-approval will carry conditions. Like the property appraises and no material changes in financial status from time of pre-approval to closing.

we can add any condition we want.

your condition would be to secure acceptable funds for down payment.

i actually encourage people to apply early, even if they aren't ready. So the loan officer can make sure they don't have any other hurdles.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 18:38:19 GMT

Please explain to me what I need to do to get pre-approve.. Also the steps I needs to take once im approved

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 20:37:51 GMT

When you dont have the money in savings already they will question where the funds come from when you present them. You need to be able to account for where it came from with bank statements, gift letters, as a few examples.

If you want to apply pick a LO or Broker and submit the application. Most companies have an application on line. They will pre approve if qualified and give you everything you need to start the home shopping process. How much pre approved for and a GFE for all fees.

Re: DO I HAVE A CHANCE

Anonymous — Thu, 28 Feb 2013 22:46:44 GMT

So it is possible to at least find out what I am approve for without my down payment money first?

Re: DO I HAVE A CHANCE

DallasLoanGuy — Thu, 28 Feb 2013 23:01:38 GMT

@Anonymous wrote:
So it is possible to at least find out what I am approve for without my down payment money first?

correct