Home Buying in Atlanta>Question Details

zorger, Home Buyer in Greenville, SC

What are my chances for being pre-approved for a fha loan? Help Please!!!

Asked by zorger, Greenville, SC Wed Apr 10, 2013

Trying to get pre-approved for a fha loan. I have been at my current job for 4 years & make $ 40,000 year. If you add in my child support I make $ 50,000 per year. I have been at my current residence for 2.75 years and pay $ 1,250 in rent and never have been late. These are my credit scores:
Trans: 704
Experian:699
Equifax:660
Loan officer says they use middle score & I need to have at least a 640. The problem is I am an authorized user on 2 accounts. She says I may need to take myself off the 2 AU accounts, but I know this will lower my score. I think my Experian was 648 before I added AU accounts. Should I apply for a secured credit card just in case. Also, she asked me to provide information for 3 other credit resources such as:rent, utilities, insurance, etc. which I did and I have never been late. I do not have a car payment, and only have one $ 35 credit card payment if not counting the other 2 AU accounts. What are my chances? Any help would be appreciated.

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Answers

18
zorger’s answer
Natalie- I am actually not moving within the Atlanta City limits, but looking in the Roswell and Marietta area. Thank you for the information though. I am looking into the GA Dream program right now.

Lowell- I do not want to have to take my names off of the cards because I actually use those cards and I know it will bring my score down. However, my loan officer makes it seem like my fico score is not legit due to the AU accounts.
0 votes Thank Flag Link Thu Apr 11, 2013
Hi,
It is strongly urged that you to attach yourself to a trustworthy and reputable loan officer who can directly you with wise choices. There are many products in the mortgage field which only the finance officer can give you full knowledge about. You are bound to be overwhelmed by loan officers and realtors after this note. :) Once you have done that, then you can seek the home you prefer, based on your bottom-line figures. Happy home hunting.
0 votes Thank Flag Link Sun Jun 30, 2013
I believe you have a good chance. You may want to buy at a little lower sales price than the pre-approval amount. Visit a good loan officer. Try your local BB&T to contact a good person.
0 votes Thank Flag Link Tue Jun 25, 2013
Zorger,

Based on the information you have provided you are qualified for a traditional FHA loan, the GA Dream program allows for an even lower credit score than 640. Your current trade lines and rental history provide ample credit for approval. The only unknown variable here is your Debt to Income ratio which may affect your approval. I'd be more than happy to take a look at your situation and advise you of your options.

Sincerely,
Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS 75615/465546
678-251-7889
http://www.chrisirvin.com
http://www.cirvin@brandmortgage.com
0 votes Thank Flag Link Tue Jun 25, 2013
Zorger,

If you are still looking for financing, I would love to speak with you. Feel free to give me a call anytime.

Thanks,

George Cohen
Mortgage Banker
Brand Mortgage Group
7708435482
0 votes Thank Flag Link Mon Jun 24, 2013
I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Condotel
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
Email: thegocp@gmail.com
0 votes Thank Flag Link Thu Jun 20, 2013
I think the best way to find out is to contact a mortgage broker and see about a pre-approval. If you would like to discuss, I would be happy to give you several lenders to contact. Good Luck!

Jeff Jackson
Prudential Georgia Realty
jeff.jackson@prudentialgeorgia.com
0 votes Thank Flag Link Thu Apr 11, 2013
Not only can I get you approved but do not pull yourself off those credit cards as that will negatively affect your credit rating. When I look at your credit I have a system that will tell you exactly what it will take to increase your scores within the next 72 hours.

Going shopping for a mortgage. It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy. Get my top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage.

Whether you’re, buying, or building your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Are you utilizing another lender services and want to compare Rates and Fees, Yes I will match any Lender that will give you a guarantee Good Faith Estimate in Writing.

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!

Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Wed Apr 10, 2013
Sorry that I can't help with the AU question. However, please be aware that if you are purchasing in the City of Atlanta, your income would qualify you for $15,000 in down payment assistance from NeighborhoodLIFT. You would need to use a loan officer who is trained in the program. A list is available on Invest Atlanta's website - http://www.investatlanta.com/buildDev/NeighborhoodLift.jsp
0 votes Thank Flag Link Wed Apr 10, 2013
Actually, my concern is my lender asking me to take my names off of AU accounts. Has anyone heard of that before? I don't necessary have a problem with that. No doubt it will drop my score, but I just don't want it to drop lower than it was before the accounts were added. The AU account is my mom's account and the other is my bf's account, and I use them too so I am not so keen on dropping them unless necessary.
0 votes Thank Flag Link Wed Apr 10, 2013
That's ok. I am not in Greenville. Don't know how that came up in my profile. I am looking to buy in Georgia.
0 votes Thank Flag Link Wed Apr 10, 2013
Sorry, I misread..I thought you had a car payment..sorry. Are you trying to buy in Greenville? Do you have a lender?
0 votes Thank Flag Link Wed Apr 10, 2013
I don't have a car loan to pay off. I only have about a 3% debt to income ratio, and that is including the AU accounts, without AU accounts it is 1%. I don't know how I could possibly scale back anymore.
0 votes Thank Flag Link Wed Apr 10, 2013
You may have to pay off car loan or credit card..Do whatever your lender advises.. FHA is probably the best way for you to go if you want a low down payment..
0 votes Thank Flag Link Wed Apr 10, 2013
While you did provide several details, I would need to actually evaluate the entire picture. Only then, can anyone give you constructive answers.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203K (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Wed Apr 10, 2013
Hello,

I am a local mortgage banker and FHA Specialist that can help you with your pre-approval.

Please email me at gpeters@getevolved.com or call me direct at 770-864-7926.

I will be able to pre-approve you immediately, and send you a pre-approval letter within the hour.

Regards,

Greg

Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
gpeters@getevolved.com
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com/
0 votes Thank Flag Link Wed Apr 10, 2013
Hello,

I am a local mortgage banker and FHA Specialist that can help you with your pre-approval.

Please email me at gpeters@getevolved.com or call me direct at 770-864-7926.

I will be able to pre-approve you immediately, and send you a pre-approval letter within the hour.

Regards,

Greg

Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
gpeters@getevolved.com
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online! http://www.gregoryjpeters.com/
0 votes Thank Flag Link Wed Apr 10, 2013
Hi Zorger,
I would be happy to help explain some of the details around applying for and getting approved for a mortgage. My first question would be, why are you looking to go through FHA? With those credit scroes, you should be able to qualify for a Fannie Mae backed loan which will have a lower monthly Mortgage Insurance payment associated with it than through FHA.

Please give me a call as I would love to work with you as you purchase a new home for your family.
Regards,
Regards,
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
0 votes Thank Flag Link Wed Apr 10, 2013
I would love to go with the best loan option available. I do think my credit scores are good, except for my current loan officer is stating my fico score may not count because I am an AU on 2 accounts and she wants me to possibly take my name off of them, which will then lower my scores. This is what makes me nervous. My bf could apply with me, as he has higher credit scores, but from I understand it wouldn't matter since they take the lower of the two. He makes less than me, but maybe the extra income would offset lower credit scores. I don't know. Thanks for the advice.
Flag Wed Apr 10, 2013
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