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Mortgage application approved!

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Moderator Emeritus

Mortgage application approved!

FHA one time close construction
3 conditions

1. Appraisal supporting 25% equity position in Oklahoma house and fair market rent along with executed lease and deposit
2. Approval to enter into the loan from bankruptcy court
3. Removal of the mobile home that is on the property prior to closing.

Loan is for 300k
Land is values at 60k
Total property must appraise for 360k once built.

Whoooooo hooooo!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 642 EQ 656 EX 647
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

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Message 1 of 5
4 REPLIES 4
Community Leader
Senior Contributor

Re: Mortgage application approved!

@webhopper 

 

CONGRATSSmiley Very Happy

Message 2 of 5
Established Contributor

Re: Mortgage application approved!

OTC's are a complicated loan program. I give you Kudos! Congratulations on your approval.

 

 

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 3 of 5
Moderator Emeritus

Re: Mortgage application approved!

@homeloanexpert 

Yes, it definately seemed to be. The equity in the land that I own goes towards reducing the LTV%

The score requirements are higher and it seemed to be a fairly conservative process.  My file had to be manually underwritten because of the bankruptcy, but they said that my LOE was amazing and even offered me a job because my documentation was superb. 

 

Some of the issues were:

1) I had an FHA mortgage on a duplex that I bought in 2008 and turned into a 100% rental property in 2012.  When I filed bankruptcy the duplex was included in the bankruptcy. I listed the property for sale and went under contract, then the bank tried to foreclose in the middle of the sale.  Anyways, I got it sold at a price that paid off the mortgage and fees before it became a foreclosure. 

2) A divorce in 2018, ex husband and I each pay half of the bankruptcy payment.  The total payment is $4500 / month 

3) I have no other debt except for a mortgage on my old home in Oklahoma, and a secured credit card with a $350 dollar limit. I had to move to Texas to find work when I lost my job unexpectedly. In the six month time period from Dec 1 2016 to June 1, 2017 our household income decreased by about 60% because my ex quit his job without asking me even though I wasn't working at the time.   My daughter is still living in the house in Oklahoma and she is a freshman in college this year. Her boyfriend works full time with good/decent pay.  He wants to eventually buy the house but I don't want to sell it just yet because if I sold it the court would request all the money from the sale of the house. I owe 121k on the house and it is worth about 230k.  We have discussed a lease with purchase option and he is on board with that, he wants to find a roomate to defray the cost of the lease. Its a 2300 sq foot 3 bedroom 2 bath house and there are just two of them living there, so there is room to add a roomate or 2 to offset the cost. 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 642 EQ 656 EX 647
Filed Chapter 13 on 06/01/2017 after job loss.

Goal: FHA Construction Loan

Take the myFICO Fitness Challenge
Message 4 of 5
Regular Contributor

Re: Mortgage application approved!

Congrats on your approval!!

Starting Fico: 1/5/2017
EQ: 617 TU: 622 EX: 604
Current Fico: 08/28/19
EQ: 735 TU: 777 EX: 702


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