With your score, that repo must be pretty old, right?
You need to try a different lender, like me.
Did the lender say specifically why you were declined? There are a couple of possible reasons but the main one that I can think of is the FHA requirement to use a percentage of the repo balance as a monthly payment which may have pushed your debt to income ratios over the maximum allowed by the lender or FHA.
Your best option is to get a 2nd opinion from another lender like me.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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