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Am I qualified?

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Anonymous
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Am I qualified?

Hi All,

We have picked out a home, done the inspections and are now waiting for the UW to approve.  At first our mortgage was sure it would get approved but now I just don't know.  Here is the quick facts, if anyone that is knowledgeable can offer a gut opinion I'd really appreciate it.

1. Credit: 613 mid score.  I have a few collections from 3-5 years ago totaling just under $2000.  Have a credit card that is 1yr+ and another that is 4months.  No lates.  Paid down to 1% - 3%.

2. Income: $60382.4 from a salary based job.  Been there 2+ years.

4. Monthly debt payments: $100 car loan.  Nothing else.

6.  Assets/ Reserves.  Very little.  No IRA.  Could show several thousand at closing.

7. Location. Columbia, SC.

8. Property. Single family.  Qualifies for USDA.

9. Value. $242K

 

We wrote a loan with USDA at 3.875% that took my DTI to 28.5% house alone and 29% total DTI.  My main question is will the UW approve with a 613 score and having a few collections in the past and considering that the house goes all the way up to the front end DTI.  We are waiting to hear back and the mortgage guy said it would be late this week! arrgghh.

 

 

 

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1 REPLY 1
Lemmus
Established Contributor

Re: Am I qualified?

...if you are using USDA Direct the score will be ok and the rate is fixed at 3% ...if its USDA guaranteed, USDA itself has no minimum score requirement but the lender usually does ...620-640 is the norm but there are certainly lenders who will work with lower but you could well end up paying 5+% rates

 

...is the seller covering your closing costs? ...if not, "several thousand" may or may not be adequate

 

 


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