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What are chances on getting approved

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What are chances on getting approved

My mortgage scores are as followed 677TU 642eq and 614Ex. I would like to applied for an FHA loan
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Re: What are chances on getting approved

Looks like you are in good shape (scorewise) for an FHA mortgage. Naturally you have to qualify based on your income and debt too.

Apply to a good lender that does FHA loans. Stay away from the big box banks if at all possible, you will have a much better experience.

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Re: What are chances on getting approved

My income is 85000
Message 3 of 8
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Re: What are chances on getting approved

My income is $85000 what FHA companies are good ones
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Re: What are chances on getting approved

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Re: What are chances on getting approved

I don't mean to hijack the post but why do you say stay away from Big Banks?  I'm getting ready to have to refinance my mortgage to buy out my soon to be ex.  My current mortgage is with Wells Fargo  (we got it through Discover Home Loans but it was bought by Wells immediately after closing).  I thought doing the refi with Wells would be easier since the current one is there, but  your comment has me curious as to whether I should inquire elsewhere?  I need to do a cash out refi to buy him out.  Middle credit score is 685, have plenty of equity but debt to income ratio is very close to 40 with just my income.  Any advice where my best chances for approval might be?

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Re: What are chances on getting approved


@KatT1 wrote:

I don't mean to hijack the post but why do you say stay away from Big Banks?  I'm getting ready to have to refinance my mortgage to buy out my soon to be ex.  My current mortgage is with Wells Fargo  (we got it through Discover Home Loans but it was bought by Wells immediately after closing).  I thought doing the refi with Wells would be easier since the current one is there, but  your comment has me curious as to whether I should inquire elsewhere?  I need to do a cash out refi to buy him out.  Middle credit score is 685, have plenty of equity but debt to income ratio is very close to 40 with just my income.  Any advice where my best chances for approval might be?


There isn't anything wrong with WF as far as servicing the loan goes - and that is what you have now.  Your originator was Discover Home Loans so you didn't go through the Wells Fargo origination process.

 

IME, Wells is fine for servicing and terrible at originating. They are extremely conservative (read:  much tighter ratios).  Their "loan officers" are no longer trained to be knowledgeable loan officers, they are just application takers and you don't get anyone with any knowledge to look at your app until it hits underwriting, and then it is too late. There are many times WF has turned down a loan, not due to borrowers info, but due to mistakes made at application and processing the loan. The exception to this is for jumbo loans where they use trained LO's.  I'm a Realtor and the reputation of WF is so bad that when we see a pre-approval from WF, you are not likely to get your offer accepted because WF is known to deny the applicant just before closing.  Not every time, but often enough to make any WF pre-approval suspect).  It doesn't help you to have a current loan with them.  It makes it slightly easier for WF to check your payment history, but any lender will check your payment history anyway. 

 

Wells Fargo buys many loans to service that have been originated by others. Nothing wrong with that at all.  You would be much better off getting a mortgage through a non-bank lender that does nothing but issue mortgages.  The process is smooth and they have more programs available. You will probably get sold to WF again (or Chase) for servicing your mortgage, it happens all the time Smiley Happy  

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Re: What are chances on getting approved

Makes sense.  To follow up on that, would I be better off to go through Lending Tree and see what companies I get matched with (That's how I ended up with Discover Home Loans before) or go with a local broker I can speak face to face with that deals with multiple lenders?  As I've said, I have plenty of equity but DTI ratio is borderline.  An option which I don't particularly want to do but will if I have to is add my car loan into the mortgage which would raise the mortgage payment up probably about $75 but get rid of a $450 car loan thereby reducing my DTI.  I hate to do that because in 18 months it would be paid off, but I think I might be forced to.  Any suggestions are helpful, I'm trying to weigh my options.

 

Thanks!

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