financing question on FHA loan. First time home buyers.

Asked by Uacc2006, 15001 Tue Apr 19, 2011

790/663 fico scores. 35% debt to income with mortgage payment. 12% payment to income. Putting 3% cash down. $100k household income. Probably a no brainer but just wanted input before I apply.

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10
Bobby Crow, , Savannah, GA
Fri Jun 7, 2013
Shouldn't be a problem getting pre-approved... as long as you don't have a foreclosure or bankruptcy reporting in the last 2 years you should be good to go!
0 votes
michelle1129, Home Buyer, New Castle, PA
Fri Jun 7, 2013
Would a down payment larger then 3.5 help if you have a low.. credit score? 542? If I put down 10 % would I then have a better chance of getting a loan?
0 votes
I'd boost that score, they will jack you with an interest rate so high that you'll wish you never took the loan.
Flag Fri Jun 7, 2013
Some lender will work with your score and a 10% down payment. Most typically look for 620-640 but there are lenders that will loan money with that down payment.
Flag Fri Jun 7, 2013
Richard Coff…, Agent, Midlothian, VA
Tue Apr 19, 2011
For a full explanation of the FHA loan process and buyer programs available from HUD, under "my external links" on my website, click on HUD - Home Buying Guide to view details about these Federal Government backed programs. Happy home buying.
0 votes
Benny Smith, Agent, Pittsburgh, PA
Tue Apr 19, 2011
Looks good. Recommend to get the letter from the lender with the max allowed seller contribution in writting. This should include all fees. You would think that is the case but it is not. Then your realtor can use these numbers to your advantage. The offer can be witten to your best advantage, wants and needs. Once the offer is written is no time to look at what would have been better for your net as a buyer.
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Tue Apr 19, 2011
Uacc,

looks like a slam dunk if there are no surprises.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
0 votes
Keith Landis, Mortgage Broker Or Lender, Venetia, PA
Tue Apr 19, 2011
Based on what you listed, it shouldn't be an issue. Give me a call 412 567 6560 if you want a firm approval.
0 votes
Gregorio Den…, , San Diego, CA
Tue Apr 19, 2011
As mentioned previously, you will need 3.5% down. Assuming no other "surprises" in the file, it's a slam dunk.
Web Reference:  http://TripointMortgage.Net
0 votes
Luther Worma…, Agent, North Huntingdon, PA
Tue Apr 19, 2011
Hi,
Yes, I agree with the previous, all very good numbers. If you'd like to see some homes you may be interested in please give me a call for a person tour. (724) 689-0023
0 votes
Laura Feghali, Agent, Stamford, CT
Tue Apr 19, 2011
Hello,
Yes, it is best to check with a few lenders, as Tim mentioned, as fees vary between them but your numbers look good. Also, an FHA loan requires a minimum of 3.5% as a down payment.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Apr 19, 2011
That all sounds like good numbers to me, go for it and visit a lender or two and see what they can offer. Rates won't vary all that much for FHA loans, but points and junk fees will.
0 votes
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