Ok So I applied for an FHA loan and here is my break down. My score is low due to some issues a couple years ago it is only a 598. My debt to income is excellent I pay 404 in bills a month and I make 3400ish a month. I have an 800 rent payment which will soon be mortgage payment. I had a red flag since my debt/limits were on the higher end. It recently went to an underwriter and finally 2 1/2 weeks later they looked at the docs. They want more though now they want a more detailed rep of 401k and some other frivilous items one that has me worried though is a Child Support order that has already been paid full and hasn’t been active since September of 06 yet the county never closed it. Well the underwriter wants something saying this is closed but it is not should it matter since it has been fulfilled and current or what? I am going to contact the Support Services tomorrow to see what I can do. I will add some more info regarding my case in the next section since I am running out of room…..
Also my payment history is excellent the last 2 years Back in 06 which should fall off soon I had a couple 30 day lates all grouped around the same time. I also have a collection account from Western Dental (I was disputing charges when they sent it to collections. When they fixed the items I started a payment plot and they are about paid off less than 500.00) I have been at the same job for 6 years. In all honesty from everything I have read on the web I should be fine. I reckon the fact that they questioned for more info though frustrating is a excellent sign cause they did not just deny it. Anyways after my novel is anyone familiar with FHA and if so how does it look? Do you reckon the Child Support thing will be an issue? Also since I applied we got all CC’s down below 60%. If we do get denied does anyone have any quick fixers so we can reapply within the next month or so. We are ready to do this so terrible we can taste it. I appologize for the long book here!! Thanx for any help.
The child support is still showing opened but it has been paid off since Sep 06. The lenders were most worried about the high debt on my CC’s they were close to the limit. Thank you so far for the fantastic answers you are easing the weight for me!
FHA Loan Questions?
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