topic Re: fha loan in Mortgage Loans

fha loan

endzone4754 — Sun, 04 Jan 2015 00:55:40 GMT

I am in the process of closing on my home.. with a fha loan. i have the 3 .5 down.. the house has been built.. My mortgage officer had stated that i could use my retirement income, my part time work and social security income starting in april. His information was that he could include that social security income as long as the first payment on my home was not more than 60 days before the first payment on my house that would start in april after closing feb 3..2015 . now at the last moment , he is unsure of that , and if not i wont qualify till i get my social sec .. so i had changed the closing date from jan3 to feb 3 earlier according to his info. Now is checking out that information, but now he is telling me also with my car payment of 569.00 i should pay off my car loan.. i have a paid off installment loan on my record with the current open one also.. He wants to get down my DTI .. in which i will only have a house payment, for i have paided off all my debts , including some medical collections .. with only a 18 dollar balance on a capital one cc with a limit of 1820..I was short on my middle score of 617, in which he wanted a score of 620/\

FIRST of all.. do you think i will gain those 3 points, when my credit card reports the credit card limit raise from 320 00 to 1820..with experian fico 2.?

SECOND.. he wants me to pay off the car installment loan.. it would bring my DTI.. down right and allow me to buy more house ? payment wise?

THIRD.. Is anyone know about closing like on the 3rd of feb and my social security income starting my april, being including in my income now? the 60 day rule?

all i have to do is raise my experian score to 620 to completely get approved.. MY income is 83000 dollars per year..

Any thoughts on this i would be grateful on any of these subjects.. thanks HAPPY NEW YEAR EVERYONE....

Re: fha loan

Anonymous — Sun, 04 Jan 2015 05:13:02 GMT

I'm confused. If I read correclty your house is under construction. Is is normal to break ground on a new build if the financing is not firmly in place? I ask cause I dunno. And they said if you can lower your DTI you can get more house, does this mean you're still shopping?

So they advised raising your score to 620 will counter your present DTI numbers and you won't have to sell your car?

Re: fha loan

endzone4754 — Sun, 04 Jan 2015 14:25:47 GMT

Im aorry. guess it sounds confusing. .yes when we first starting last april, i was approved per conditions.. like i had some medical i had to pay off, get my score up..i did all those things .. and then when they ran my credit , i was just short of the 620 middle score for the loan.. i also had been tolded in april that my social security payment which starts in april would be ok to close in feb..now that info that say was wrong and in order to approval, i have to get my dti down..which is my car payment.. i am willing to pay off my car no problem, i cannot no matter what now according to them, close without selling or getting rid of my car payment...in which i am going to this week... I also asked if anyone has any experience with social security payments starting within 30 days of closing.. thanks sorry for the confusing statements.. i am new at this..

Re: fha loan

DallasLoanGuy — Mon, 05 Jan 2015 22:41:08 GMT

@endzone4754 wrote:
now at the last moment , he is unsure of that

he can be sure if he sends the file to an underwriter for approval.

Re: fha loan

ezdriver — Tue, 06 Jan 2015 01:03:41 GMT

@Anonymous wrote:
I'm confused. If I read correclty your house is under construction. Is is normal to break ground on a new build if the financing is not firmly in place? I ask cause I dunno. And they said if you can lower your DTI you can get more house, does this mean you're still shopping?

So they advised raising your score to 620 will counter your present DTI numbers and you won't have to sell your car?

I sell new construction for a national builder and yes, we start homes before mortgage commitment is secured.

Re: fha loan

Anonymous — Tue, 06 Jan 2015 04:35:59 GMT

So how confident are y'all he's good for the loan?