How strict is CHASE FHA requirements?

[Anonymous]

Hello out there, this is my 1st post please bear with me......i was wondering if anyone out there knows about Chase underwriting requirement / min fico for FHA... recently applied still awaiting status.... unsure if will get approved or denied.so any insight would be helpful. my stats are: 9/5/08 TU 561 EU 602 EX 607 scores does not reflect 2 cc's that now have 0 bals as of 8/28/08. tradlines are...SL, car, & 2 cc's . haven't had any lates or anyting on CR since 5/2005 baddies are.. 2004 judgement PAID, 2 cc chargeoffs both 2003 (both are due to fall off 2/09)... & 2 collectons total $500 from accounts date back to 2003.  income 56,000  current dti 10% asking for 152000 with 12-15,000 down. would like to have any insight of my chances if anyone knows.

thanks in advance!

[brownee]

Hi! Welcome to Fico.

I was told (by the LO at Chase) that they needed a 620...but we are going VA, so that may be different. Good luck with your loan!

[Anonymous]

Although restrictions are different, the current minimums seem to be 580 midscore, no lates in 12 months (24 prefered) 2 year job/livign history, proveable income (not necessarily counting OT or bonuses unless you can prove them for 24 months prior), and a total DTI not aboe 41%.  Lower DTI will definitely help for sure.  Do you have any other cc or loans?  They will probably want to see some open tradelines for approval as well  With the exception of the trade lines, everything else seems OK.  It is not a requirement, but they may ask for all of the collections, etc to be paid off. 

[Anonymous]

Thanks brownee & mickie08 for your input. Update as of 9/9/08 chase called wanted me to paid all of the baddies as far back as 2003, i told him that i thought it would hurt my score & if it's possible to pay at closing he said no & wouldn't process my application until i clear them up.  Then i told him the FHA doesn't require all of this...is this FHA requirements or Yours? He admitted it was chase .  Called Countrywide right after (so i can stay within the 2 week window for my score to get hit with only one inquiry) and I AM Proud:smileyvery-happy: to inform that they processed me over the phone and I was APPROVED through AU.....  I guess chase is strict afterall!