FHA loan verdict

[lesaheart]

Will I qualify for a FHA loan with the following statistics:

Credit score: myfico Equifax 666; lender pulled 641 unknown whether eq, tu,ex

DTI: 18/50 with it soon to be 18/37 by mid 2012 although to lender it shows the debt will remain over 20 months to them due to even monthly payments (I will make one large final payment mid year 2012 and I wrote them this plan)

Charge off: account from above will be paid off mid year

Lates: one late over 1 year ago

Graduated from university last year.

Had to write LOE for charge off and not filing taxes last year due to not making enough to require it

Have been conditionally approved (but I still wonder how good is this approval)

Consultant made no commits except to do the LOE that has been done

Mortgage consultant (broker) sending documents for underwriter

I just want third party opinion as I await the final verdict

[Tooliebell]

---

@lesaheart wrote:

Will I qualify for a $60,000 FHA loan with the following statistics:

Credit score: myfico Equifax 666; lender pulled 641 unknown whether eq, tu,ex

DTI: 18/50 with it soon to be 18/37 by mid 2012 although to lender it shows the debt will remain over 20 months to them due to even monthly payments (I will make one large final payment mid year 2012 and I wrote them this plan)

Charge off: account from above will be paid off mid year

Lates: one late over 1 year ago

Graduated from university last year.

Had to write LOE for charge off and not filing taxes last year due to not making enough to require it

Have been conditionally approved (but I still wonder how good is this approval)

Consultant made no commits except to do the LOE that has been done

Mortgage consultant (broker) sending documents for underwriter

I just want third party opinion as I await the final verdict

---

I have been "conditionally approved" but am wondering what exactly that means too. I am finding there seems to be all kinds of conditions that I am having to meet now that the file is going to the underwriters. 

I guess my answer to you is you don't know what is going to happen until you are at the office signing closing papers!  I don't think I will rest until that day.

[lesaheart]

Torture isn't it? I barely want to touch my bank account.

[Anonymous]

Conditionally approved, means you have to me all the underwriters requirements in order to closed...  Depending on the underwriter, how quickly the UW process your info to complete you file...... Yes pls watch how you spend your money. Your bank accounts will be review by the UW....

Hope this helps.... , don't worry too much you will be OK.... 

[boomhower]

More or less your credit/income is approved but you will have to meet their conditions of payoffs etc. to be able to close.