Preapproved - FHA w/DPA

[StarraeAday1]

Preapproved for FHA w/Missouri DPA program (MHDC First Place, if anyone cares) @ ~3.75%

Foreclosure in June 2017

Chapter 7 BK discharged in January 2018

Me: TU – 707 | EX – 691 | EQ – 680

Hubby: TU – 712 | EX – 678 | EQ – 683

Max payment of $1200 will buy $150-180k in my area, depending on T&I

Front-end DTI @ max pmt: 25.7%

Back-end DTI @ max pmt: 45% (mostly due to student loans @ 1%)

Time to start shopping! I'm going to try to remember to keep this updated in case it helps anyone. 

[DebtStinks]

Congrats on the preapproval! Happy Home Shopping!

[StarraeAday1]

We have an approved contract on a gorgeous all-brick home in a mature neighborhood!

Asking price $158k

Contract - $160k w/$4k seller concession

Taxes - $2,460

Insurance - $1,715 (estimate)

[Anonymous]

I'm in Kansas City my lender told me MHDC DPA not available until 7/1 will have to look into this.

[StarraeAday1]

It's lender-specific. MHDC never actually shut down; some lenders stopped offering it temporarily because of COVID. Several lenders told me they're not able to offer it again yet, but some have opened it back up. I'm dealing with New American Funding if that helps, and Flat Branch Mortgage told me they're starting it again next week.

[Anonymous]

Thank you very helpful information.