Home Buying in 21117>Question Details

Rysejones, Home Buyer in Marriottsville, MD

Looking to purchase a home ( $580,000 - $650,000) and am wondering what the chances of approval are going fha considering...

Asked by Rysejones, Marriottsville, MD Thu Feb 16, 2012

The bad - my middle score is 632. however, there are a few items on the report, most notably a charge-off that is not mine, which i am currently contesting. How much a successful dispute will improve the score remains to be seen (high is 658).
The good - my yearly income is $200,000 - combined income with my fiance is $265,000.
Our combined mortgage debt to income would be roughly 19% and our total DTI is at around 37% (carrying existing mortage of around $180,000 - would love to sell but would be open to renting, depending on the market) and 30% without. Also, the fiance has credit rating well over 700.
we had set our minds to cleaning up my score and saving cash for the rest of the year and looking to purchase in november. However, just as we'd made up our minds to do that, the perfect house came along. I just dont want to go through the process of closing a deal if its not realistic to even try. Does the above look doable?

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I can review your credit and counsel you on the exact steps you need to improve your credit.

Also FHA has loan limits, however those limits are expanded for specific High Costs counties.

I would need to know what county you are purchasing in, so that I can look it up to see what the loan limit is.

You appear to me to be able to realistically qualify to purchase a home.
0 votes Thank Flag Link Fri May 24, 2013
Hi Rysejones, generally a 640 score is required. May I help you? contact me miekeba@heymannrealty.com
0 votes Thank Flag Link Fri Feb 22, 2013
The middle score is what is important the high and low score are dropped. Also the score that is used to determine your rate is the borrower with the lowest score. You need to talk with a reputable lender and have them pull your credit. The scores that we as consumers can purchase on line can vary significanty from those the lenders pull.

That being said..if you have a 640 middle credit score you will be able to obtain a FHA loan but there are many variables such as down payment, loan to value etc..I would be happy to point your to a lender or if you are currently working with an agent, they can most certainly give you the name of an excellant lender to get you started.
0 votes Thank Flag Link Fri Feb 17, 2012
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