Financing in 48092>Question Details

Wannaownmyown, Home Buyer in 48092

I'm hoping to buy my first home. When should I apply for preapproval? Will I be accepted for a loan given my employment history?

Asked by Wannaownmyown, 48092 Thu Apr 15, 2010

Hoping to buy a 40-60k home in southern Oakland County. Interested in FHA loan with low down payment. Here's my situation:
-part of 2007 and all of 2008 making about 35k salary
-Unemployed for most of 2009
-part-time employment Nov 2009 - Feb 2010
-full time employment since February ($36,500 salary)
-about 5-6 years of credit history including credit cards, student loans, car loan
-no late payments for at least past 2 years (had a few 30 days past due in the prior few years)
-using about 10% of my credit limit at any given time, but I pay in full every month (no credit card debt)
-only monthly debt is a $138 car payment, my student loans are deferred because I'm back in school (payments were $187/month)
-right now I only have about $1200 saved, but I'm putting about $400 every 2 weeks into savings.

Will I be approved? When should I try? My goal is to close by the end of October.

0 votes Share Flag Financing in 48092

Help the community by answering this question:


Have you figured out your situation yet?

Vadim Agamirzoyan
Web Reference:
0 votes Thank Flag Link Wed Sep 21, 2011
You better have the pre-approval in hand and have your financing situation planned.
This will have a huge benefit when you will be making offers!

Good Luck!

Team Of Excellence
Vadim Agamirzoyan
(877)247 MySD
Web Reference:
0 votes Thank Flag Link Thu Sep 15, 2011
hi..why not challenge me to get you approved?....your credentials look regards....

bob mcclure-
first preferred mortgage
southfield, michigan....
0 votes Thank Flag Link Thu Apr 22, 2010
Hi there Wannaownmyown

I am a Realtor in the Macomb/Oakland an what I would suggest you do is speak to a mortgage person confidentially to see how much house you can afford. You really don't have to post all your information on this site. I would like to help get you started with the correct process to buying a home. I can give you names and numbers of mortgage people to call and also help you with a home purchase, you can also find it on my web site. If you can do this right away, we might be able to get you the tax credit. You will have to be under contract on a home before the end of this month. If you don't care about the tax credit we don't need to hurry. Feel free to contact me.

Pam Bava, Realtor
Real Living Kee Group
0 votes Thank Flag Link Thu Apr 22, 2010
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