Financing in Hartford>Question Details

Sara Smith, Home Buyer in Connecticut

What are my chances of being approved for a mortgage?

Asked by Sara Smith, Connecticut Fri Oct 31, 2008

I was approved for an FHA loan for the amount of $155,000 with $15,000 down. My credit score is just over the 660 range. The condo that I am under contract to purchase is NOT an FHA approved unit. I applied for a conventional loan through the same lender that approved me for the FHA loan and was denied. My credit score was too low even if I upped my down payment to 10% of the $170,000 purchase price. So I went to a different lender that offers a silent second mortgage for 10% of the purchase price. So this works out to a 20% downpayment and would only require a loan of $136,000. I have a joint CD with my mother and brother that contains $63,000 in the bank and only about $2,000 in my personal savings. My only other expense is a car loan for $268 a month, no credit card debt or student loans. I feel like I am in a better position than most buyers right now except for my credit score. Any feedback?

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5
Hello
Every lender is different so if you get turned down by one, don't get discouraged! I use a mortgage broker for my own personal mortgage needs and I've been using the same company for about 9 years. They have always been able to help me and all the friends I've referred to him. He's honest first and foremost and he'll give it to you straight! If you'd like more info, email me and I'll give you his number.
1 vote Thank Flag Link Fri Feb 12, 2010
Sara
It all depends who you work with as a lender. There are conservative lenders and there are liberal lenders. Email me and we can talk more . budrusty@aol.com
0 votes Thank Flag Link Sat Nov 8, 2008
Are you working with an agent?

Cheryl Adamo
0 votes Thank Flag Link Sat Nov 1, 2008
Yes I have a job. I've worked at the same job for about 1 1/2 years, same field for 2 years before that I was in school. I work at a hospital where job security is high and reliable.
0 votes Thank Flag Link Fri Oct 31, 2008
Sara.... Unfortunately, the guidelines to get a loan have become more strict in all aspects (income, credit, down payment, etc). Do you have a job right now?

Cheryl Adamo
http://www.ziprealty.com/agent/cadamo
0 votes Thank Flag Link Fri Oct 31, 2008
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