We relocated and finally found a house in the school district we want. Our house sold and have the proceeds.
My credit was hurt when we were supporting 2 households prior to the sale - long story.
I have 653, 627, and 643 - the average of the mortgage scores is 627 - so still above the 620.
Bought all 3 credit reports and the agencies still have me owing 35k more than I do. The lender can do a rapid recalculation.
Our offer was accepted for $585K and we plan to put 20% down. Can do more if needed.
When I do the stimulator for the $35K that hasn't gone through it brings my #'s close to 700. I just don't want to lose this house and need to pre-approval letter.
My annual salary is more than the total purchase price of the house - just got us into some trouble and working our way out.
So I guess my question is - FHA our only option and is 620 now the minimum?
I do have a few late payments over the last year and does that matter if the score is still over the 620 and I have more than the downpayment and I have proof of income. My debt to income ratio is not a problem at all.
Just losing sleep until my mortgage broker runs my report tomorrow.
What do they look at in the underwriting process now?
I have not gone for a mortgage in almost 10 years.
I have no reports on being late on my old mortgage.
So with strong income, scores 620 plus, over 20% downpayment - is it likelky that I will be approved for a $475k loan?
Will NEVER allow myself to get in this situation again.
TIA for all your thoughts.
