CAN MY LOAN BE APPROVE OR SHOULD I CANCEL PURCHASE?

Asked by ehuezo2004, Los Angeles, CA Tue Apr 9, 2013

I HAVE A 637 FICO MY HUSBAND A 696 OUR MONTHLY EXPENSES ARE
530A MONTH OUR MONTHLY GROSS IS $5,944 THATS NOT INCLUDING BONUS OR OT . OUR LOAN AMOUNT IS $343,000 . WE JUST GOT DECLINE THRU THE ONLY BANK WE TRY TO GET APPROVE WELLS FARGO DECLINE DUE TO FICO AND THERE DEBT TO RATIO MAX IS 31/36 . I AM TRYING TO DO A FHA LOAN WITH 3.5 DOWN . MY DEBT RATIO IS 34/42. SOME ONE PLEASE ADVISE ME IF SHOULD CONTINUE ,MY PURCHASE THANKS.

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3
Gregorio Den…, , San Diego, CA
Tue Apr 9, 2013
You should be able to get this done with a good broker. What's your close of escrow date?
0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Tue Apr 9, 2013
We have an FHA program for credit score between 620-639
Post Closing Reserves 2 Months PITI
Max ratio 31/43
Loans exceeding the above ratios must have multiple compensating factors, max 45% DTI,
Note: Overtime, bonus, second job, income from part-time employment, commission income and self-employment income may not be used to qualify unless the borrower has at least a two-year history of receiving the income. The two years must be consecutive years of employment, but employment with the same employer is not required.
All borrowers must demonstrate 2 years of stable employment history. Schooling does not count as employment history.

Have you had an appraisal done?

We can close in a very short period of time
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Tue Apr 9, 2013
Try a mortgage banker.. they have access to lots of products... the one I recommend is kent.bascom@nafinc.com usually a FHA DTI goes as high as 47% ... your fico is a little too low but should still get you there.

Good luck...

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Ron
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