I have been reading and sympathizing with many of you on here regarding your pending underwriter outcomes. I too am currently in underwriting and my LO said it can go either way based on my situation. I am not sleeping well, have gained 5lbs, and can't focus on my online college courses. Work is a pleasant distraction though as I am very busy there. I wish everyone here the best of luck in obtaining an approval that is the best for their unique situations and budgets. As for my situation, I am going FHA on a new construction for $172,700 and here are my stats:
Mid score: 643
8 yrs same employer, $70,000 annual gross
DTIs: 25/36
monthly debts=$1100
no judgments or collections
Chap 13 discharged in Apr. 2009(wrote LOE and gave LO my discharge papers)
had some lates right after that on credit card accts(wrote LOE)
no lates on anything since Oct. 2009
low credit limits on my cards but near top of limit on many of them
had a total of 4 overdrafts since January, last one was June 20th(wrote LOE's for last 2)
completed a homebuyers education course online and submitted it to LO
husband is gifting me the $5900 downpayment
have $2500 cash reserves in the bank
401k worth $43,000
Eventhough I went thru DU as approved eligible, my LO is worried about my lates after BK and my overdrafts, but it has been 2 months now since I had one so Im hoping that will help. I would greatly appreciate anyone's opinion on this and if I have any other options if this does not work out. Thanks.
