Hello, I was hoping for feedback from "neutral" parties about this matter. I'm a FTHB.
Here's my current loan scenario:
Preapproved by Wells Fargo for $196000 FHA loan about 3 weeks ago. I gave them info about my job as being a contractor for the same place (government agency) I had worked formerly as a full time for a lilttle bit more than 2 years until Aug 2009 (e.g. I started working as a contract doctor/physician for them again beginning Nov 23, 2009 up to now). Started looking for homes this past 2 weeks and broker/realtor has been giving me talk that forclosures here in Vegas tend to lean towards granting cash buyers and conventional loans as priorities before FHA loans. I understand this in a way on the business side of matters though it is a disheartening thing to know of.
This, of course, leads me to think about applying for a less than 20% down conventional loan (have been looking up to $220,000 list price home here in Vegas and think we can do up to 10% downpayment on it).
Here are a couple of important numbers:
Credit scores pulled by Wells Fargo show: EQ Beacon 5.0 772, EX FICO II 785, TU FICO Classic 98 764
Loans I have: $6100+.00 Credit Union loan paid $399 a month fixed rate (expected to end in 15-16 months). Other loan is a $350.00 Amexco credit card. Own a car paid in full. Rent paid $1498/month
Savings money: $49000 (and continues to grow of course, even when renting). There is already money put aside to pay for IRS taxes this tax period that is separate from this savings amount.
Weekly amount earned (gross paycheck) varies, depending on how I want to go to work (lazy factor included, being a physician is a stressful job btw): From $2600+/week (no money earned due to holiday or furlough day where I work at so no control over these) to $4400+/week (standard 5 day work week). Again, these are gross amounts (no taxes deducted on paycheck).
So basically am hoping for consideration for conventional loan (less than 20% down, prefer 10%) based on above talk with realtor and ealing with forclosures since do not desire short sales at this time. Any input on which direction to proceed on this manner greatly appreciated......Happy New Year as well
Here's my current loan scenario:
Preapproved by Wells Fargo for $196000 FHA loan about 3 weeks ago. I gave them info about my job as being a contractor for the same place (government agency) I had worked formerly as a full time for a lilttle bit more than 2 years until Aug 2009 (e.g. I started working as a contract doctor/physician for them again beginning Nov 23, 2009 up to now). Started looking for homes this past 2 weeks and broker/realtor has been giving me talk that forclosures here in Vegas tend to lean towards granting cash buyers and conventional loans as priorities before FHA loans. I understand this in a way on the business side of matters though it is a disheartening thing to know of.
This, of course, leads me to think about applying for a less than 20% down conventional loan (have been looking up to $220,000 list price home here in Vegas and think we can do up to 10% downpayment on it).
Here are a couple of important numbers:
Credit scores pulled by Wells Fargo show: EQ Beacon 5.0 772, EX FICO II 785, TU FICO Classic 98 764
Loans I have: $6100+.00 Credit Union loan paid $399 a month fixed rate (expected to end in 15-16 months). Other loan is a $350.00 Amexco credit card. Own a car paid in full. Rent paid $1498/month
Savings money: $49000 (and continues to grow of course, even when renting). There is already money put aside to pay for IRS taxes this tax period that is separate from this savings amount.
Weekly amount earned (gross paycheck) varies, depending on how I want to go to work (lazy factor included, being a physician is a stressful job btw): From $2600+/week (no money earned due to holiday or furlough day where I work at so no control over these) to $4400+/week (standard 5 day work week). Again, these are gross amounts (no taxes deducted on paycheck).
So basically am hoping for consideration for conventional loan (less than 20% down, prefer 10%) based on above talk with realtor and ealing with forclosures since do not desire short sales at this time. Any input on which direction to proceed on this manner greatly appreciated......Happy New Year as well
I wouldn't know abuot states varying preapproval rates. I asked only for 190,000 for a home price purchase because that was what I was only willing to pay for a home (and you are correct I can afford much more but I'm pretty frugal/practical 
The loan officer just added a few thousand from thereon without me asking him to do so.......by the way haven't really heard from him again after asking for a conventional loan at 10%
The loan officer just added a few thousand from thereon without me asking him to do so.......by the way haven't really heard from him again after asking for a conventional loan at 10%
I dont know why they preapproved me in retrospect. I'm waiting for a reply from US Bank loan agent who said she'll look into any "portfolio" they have (I think she was talking about 5/1 ARM at 5.25% but wanted to talk to someone first).
Thank you for your kind words. If I don't hear from anyone about a mortgage, we'll just keep on saving money (or maybe get that BMW X6 and drop my Honda Pilot