I've been reading and thought I was in good shape, but with some of the people who got denied, I'm starting to worry.
I was going to wait to purchase until my scores got a little higher, but found a place that just works for what I want at the right price. It's a fixer-upper, but not terrible.
I've been pre-qualified, mid score is 682 and I've been on my current job over 5 years. I'm not positive exactly how to calculate the DTI, but been told its really good as I don't have any debt other than 400 a month payment on a student loan and a single credit card that has not even shown up yet. Salary is over 79K I have a BK13 which discharged a year ago.
The purchase price is 125K and the FMV of the property is 115K on the tax assessors website. But I'm guessing the appraisal should come in well over the 125
Considering this information what would the experts say my chances of making it through to the close are?
I should also add. I did a short sell in 2011 when I lost my job and had to move. Not to mention being way over extended which led to the chap 13. There is one paid collection for 45 bucks on my file from a doctor visit that I never heard about until it went to collections.
Bumping this up to the top in case anyone wants to take a guess. I know its crapshoot and no one can tell what any other UW may decide.
My loan is in underwriting since last week. She only got it late Thursday. The only LOE, I've been asked for as f yet was an explanation for my BK13. I do know they have verified my employment, but not sure about any tax stuff.
This waiting is getting stressful
Well, I guess my odds where good. Just got an approval pending VOR. So yay, this helps the nerves. :-)
I had no clue on how to respond to your question regarding your odds but I am happy to see that you finally got it answered by the people who matter the most. Congratulations!
Thanks, Mike, I figured as much when no one replied that is just too unlikely anyone can say other than the underwriter. I'm just glad to be over this hump and hopefully, in a couple of weeks, I can get through the close. I may still have some explanations to provide, but at least I know they have not flat out denied me which is what I was sweating.
From the numbers you laid out I don't see you having an issue being able to qualify.
With the Ch 13 BK discharge less than 2 years ago, make sure you have your bankruptcy payment history so the lender can verify all payments were made on time.
Well how did it go?
I'm still in underwriting. We were originally supposed to close on Monday, but I don't think that is going to happen. We just got the appraisal completed yesterday and then underwriting requested a lot more documents. I've got them the documents but they also want me to do a first time home buyer certification and I have to stay on the phone for an hour to get the certificate. Hopefully, I can find the time to do that today and I hope my LOE's where good enough on some inquiries on my credit and my BK 13. They had one on the BK before, but they wanted one signed so I gave a little more information, signed and sent it in. From what I've read this is always normal as the underwriter wants to make sure they are covering all their bases.
Most lenders will accept http://www.freddiemac.com/creditsmart/tutorial.html as a homeowner education course, it can be done online and it's free. Ask if your lender will accept it.