Is getting a FHA loan possible?
Posted 21 April 2012 - 06:11 PM
$75/mo debt (CC and Student loan)
My credit scores are in the mid 600's and I'm looking at home in the $90,000-$100,000 range (Georgia). I really want to try for it on my own, but I have a relative willing to assist if necessary. I know I have to wait the full 2 years, but I was also wondering if I could maybe start the process since it's just about 45 days away.
Posted 24 April 2012 - 01:36 PM
go with a big bank like bank of america/wells fargo etc. pre-approval is fast and painless. Call them and get a pre-approval over the phone in 15 minutes or less, you can be shopping for a house that afternoon.
I wasn't sure for myself, and was nervous as well, but as it turned out, i had nothing to be afraid of. But it is pointless to do it until that BK is 2 yrs out, you want to get approval through the automated system so you can get a higher DTI.
your numbers are very similar to mine, so you will likely be good up to 130K or so, you will need 3.5% as a downpayment.
Since you are only 45 days away, contact a realtor. They can get you on a system (like listingbook), so you can see properties in the MLS, this way you can see how much properties are and how fast they move in your area. Get a feel for the market in your area. its time well spent even though the agent won't likely show you places until your pre-approved.
Edited by delphipgmr, 24 April 2012 - 01:39 PM.
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