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A new start?

Rave823
New Visitor

A new start?

Couple weeks ago I called and talked to a MLO for advice about when to start looking for a house or wait a year. She asked for my information which I gave to her...She said credit was good and I was pre-approved up to $130k with FHA and down payment assistance, tax and insurance paid. She advised me to start looking other then waiting which I did.

Found a house, offer accepted, closing date Oct 25, Inspection done. Seller willing to pay closing cost. Documents sent off.

I guess I'm stressed and scared, waiting to hear something.

I have no loans other then a 6,700 car loan which was refinanced in Aug, pay was $172 now $129 starting Oct 10th and just a $30 bucks on a credit card. I did have a old medical collection from 2013 of $600 that fell off in Aug and care credit that was added the start of Sep. No late payments, overdrafts etc

My credit score is low balling at 620
Annual income of about 24k
House price $117,900

I have a gut feeling I won't be accepted.
3 REPLIES 3
MauiMan85209
Established Contributor

Re: A new start?

If your escrows are $450-$500/mo or less you shouldn't have anything to worry about per FHA guidelines.

" EX 718 EQ 747 TU 737 MMS 742"
Message 2 of 4
CreditInspired
Super Contributor

Re: A new start?

Hi OP and welcome

What does care credit added in Sept mean—a new account or a new collection?

Why do you feel you would be declined? If you were upfront about everything and there are no surprises the LO has to deal with, you should be ok.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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Message 3 of 4
Rave823
New Visitor

Re: A new start?

Sorry for the confusion! I mean added. Smiley Happy

I guess I'm just worried I won't get approved, probably I'm overthinking it. Lol. Thinking about appraisal, dti etc.
Message 4 of 4
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