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?
2007-10-27 07:43:48 · 5 answers · asked by sadie 3 in Business & Finance ➔ Renting & Real Estate
Don't worry be happy. I always worry but it doesn't help. If you don't get this house you will get another.
2007-10-27 07:47:41 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
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.
2007-10-27 15:06:03 · answer #2 · answered by michaelb31061 2 · 0⤊ 0⤋
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.
2007-10-27 15:10:33 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
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.
2007-10-27 15:07:10 · answer #4 · answered by Prasad 2 · 0⤊ 0⤋
Don't worry. Everything happens for a reason!
2007-10-27 15:07:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋