Mortgage help?

I am trying to purchase a home, and at the moment have offered to put 14% down ( I am willing to put 20% down), I made an offer that was accepted and had perviously applied for a FHA loan and recieved a commitment letter in responce along with some stipulation that I have answered (ie tax rec., divorce decree, explaniation of past credit fopaw) I dont have perfect credit by any means but I have a great income to debt ratio, should I be worried that I wil not recieve the loan?

Mortgage help?

Don't worry be happy. I always worry but it doesn't help. If you don't get this house you will get another.

Mortgage help?

With an FHA loan your credit is not the main determining factor, your ability to repay is. If you have stable income and good dti ratio then you should be fine, especially if you can put 20% down.

Enjoy your new house!

I also forgot to mention that if you can put 20% down you may be able to qualify for a conventional mortgage even if you have had credit problems. You might want to compare your options of going FHA vs non FHA.

Mortgage help?

FHA usually requires you to be squeekie clean for the past year. Some FHA dealbreakers: past due student loans, back child support, less than 2yrs out of chapter 7 BK, late payments within the past yr. However, a good explanation may excuse a late payment to a creditor. You might have to come up with a good 12 months rental history and three alternate lines of credit (ie insurance payments, cable bills, water bills). If you put down 20%, you should avoid PMI.

Mortgage help?

No worries, you are doing a great job by buying a home. Try to fix the credit and you will do good. Even if the loan gets rejected you are not losing anything, dig into it and learn why your loan got rejected and fix it first before you make another deal. For a list of best real estate websites visit www.studytronics.com, they also listed how to fix the credit in dollar downloads. Its worth looking into it.

Mortgage help?

Don't worry. Everything happens for a reason!

Mortgage help?

It's hard to say b/c there are certain things that they are looking for in the tax records and the divorce decree and your credit explanations may or may not be acceptable to the underwriter.

Keep in mind, that putting more money down will not change your chances of getting approved on an FHA loan.

There is no way to say without looking at the documents.

Mortgage help?

FHA tends to be sticky about things like collections and student loans in default; less so about individual late payments.

FHA requires financing insurance on all loans, so if you have over a 10% down payment, you're likely to be better off with another program. If you've got a good debt to income ratio, even A paper lenders will love you, possibly as low as a 620 credit score (I got a 630 100% financing a few months ago, and that program with that lender is still there). Twenty percent down makes for an easier loan on better terms, but it's not required. But with conventional programs, they're sticky on recent late payments: no more than one late housing payment, or no more than two late payments on any credit line (%26quot;late%26quot; being defined as 30 days in arrears or more), although for purchase money, they're less sticky on collections and student loans.

From data provided, you appear likely to be accepted.

However, only an underwriter can give a real commitment, and only in response to a specific loan on a specific property.