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FHA Personal Loans and mortgage question

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New Member

FHA Personal Loans and mortgage question

Hey all , So i'm trying to obtain a mortgage in about six months.  I have about $4300 in debt that needs to be paid first.  I wanted to not use my savings because it's needed for down payment.  Would in matter to underwriters that I obtained a personal loan from my bank to pay these debts?  How would lenders view this bad or good ?

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Senior Contributor

Re: FHA Personal Loans and mortgage question

They're going to look at your total DTI, so owing CC's or a loan is the same in that regard.  The new inquiry and new account isnt so good bc they like to see 6 months of no new credit.

 

Good Luck!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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