topic Re: Preapproved - FHA w/DPA in Mortgage Loans

Preapproved - FHA w/DPA

StarraeAday1 — Thu, 18 Jun 2020 14:19:02 GMT

Preapproved for FHA w/Missouri DPA program (MHDC First Place, if anyone cares) @ ~3.75%

Foreclosure in June 2017

Chapter 7 BK discharged in January 2018

Me: TU – 707 | EX – 691 | EQ – 680

Hubby: TU – 712 | EX – 678 | EQ – 683

Max payment of $1200 will buy $150-180k in my area, depending on T&I

Front-end DTI @ max pmt: 25.7%

Back-end DTI @ max pmt: 45% (mostly due to student loans @ 1%)

Time to start shopping! I'm going to try to remember to keep this updated in case it helps anyone.

Re: Preapproved - FHA w/DPA

DebtStinks — Thu, 18 Jun 2020 20:13:04 GMT

Congrats on the preapproval! Happy Home Shopping!

Re: Preapproved - FHA w/DPA

StarraeAday1 — Fri, 26 Jun 2020 21:12:10 GMT

We have an approved contract on a gorgeous all-brick home in a mature neighborhood!

Asking price $158k

Contract - $160k w/$4k seller concession

Taxes - $2,460

Insurance - $1,715 (estimate)

Re: Preapproved - FHA w/DPA

Anonymous — Sat, 27 Jun 2020 05:43:32 GMT

I'm in Kansas City my lender told me MHDC DPA not available until 7/1 will have to look into this.

Re: Preapproved - FHA w/DPA

StarraeAday1 — Sat, 27 Jun 2020 11:58:32 GMT

It's lender-specific. MHDC never actually shut down; some lenders stopped offering it temporarily because of COVID. Several lenders told me they're not able to offer it again yet, but some have opened it back up. I'm dealing with New American Funding if that helps, and Flat Branch Mortgage told me they're starting it again next week.

Re: Preapproved - FHA w/DPA

Anonymous — Sat, 27 Jun 2020 18:54:15 GMT

Thank you very helpful information.